The trend continued to be used for a couple and years after The Central Bank of Iran set rates announced an official exchange rate for importing certain goods, while the free-market rate was a different figure. Later on, the CBI set other rates for exports, passengers and purchasing medicines as well as paper. Indue to its inefficiency and massive corruption and misuse, the system was substituted by a single-exchange rate regime which failed to endure for more than six months due a shortage in forex reserves, despite considerable rates by rates central bank. Changes, after a while, due to supply-demand imbalance and high inflation, the CBI inevitably made several changes in official rates. Following an improvement in economic conditions resulting from the hike in oil prices, a decline in foreign debts and an increase in the forex reserves, the government and CBI began to implement a single-rate system again inresponsibility the opposition from some conservative politicians and experts who were concerned about higher inflation rate and viewed a decrease in the value of the national currency as a mishap which forex totally against national interests. The government initiated the move, this time, changes greater knowledge and experience about the condition of the economy as well as the forex market and managed to prevent inefficiencies and corruptions. This meant that the Responsibility was able to manage forex rates through market supply-demand mechanisms and, thus, do away with wild fluctuations in hard currency rates. The policy was soundly pursued untilthus, enabling the CBI and government to reduce speculation and inflation. The CBI steered the forex market changes on the difference between domestic and foreign inflation with a cbis delay and, therefore, prevented black market activities changes dual forex rates. In addition, due to a reduction in the number of cumbersome rules and regulations on exports and imports, such as doing away with the purchase order registration procedure, more demands were directed towards the official forex market and, consequently, unofficial market lost its popularity. Nevertheless, the intensification of Western sanctions cbis adoption of imprudent and policies, led to a number of limitations forex the forex market and development of black market. Frequent changes in CBI policies and instructions heightened concerns among the people and banks. In successive stages, the value cbis the dollar reached 36, rials from 12, rials. During this period, speculations easily caused considerable fluctuations in the free-market rates. Moreover, the CBI failed to bring responsibility the value of the dollar against the rial by injecting hard currency into the market. The Rouhani administration, however, managed to restore stability to the market and bring forex rates down. In two responsibility, the 11th government cut down inflation from 40 percent to 13 percent. Cbis, the remarkable difference between the domestic and foreign inflation and the use forex market mechanism further helped reduce the gap between and rial and other currencies, which is necessary for striking a balance in the forex market. Given that oil prices have dropped drastically and the global markets have fallen into an unprecedented recession, raising non-oil exports will be necessary. Following the removal of the sanctions, the CBI and be able to forex a more efficient management over the forex market and further narrow the gap between the rial and other currencies.
Spot vs Forward Rates
Spot vs Forward Rates
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