Iran Forms Special Task Force on Currency Slide

Spokesman for the Iranian Administration Mohammad Baqer Nobakht said a special task force has been set up at the behest of President Hassan Rouhani to control the country’s currency market as the Iranian rial hit a record low against the US dollar.

Speaking to reporters in Tehran on Monday, Nobakht regretted the recent currency depreciation and said the existing situation is not “appropriate” at all.

As First Vice-President Eshaq Jahangiri has been tasked by the president with tackling the issue, a special task force on the issue has been formed, he added.

The task force has concluded that the Iranian administration should adopt new policies and reform the previous ones in regard to the country’s currency market, said Nobakht, who is also the head of the Plan and Budget Organization (PBO).

He went on to say that the new policies would be finalized in a session attended by the president and be operational in coming days.

The Iranian rial hit a record low against the US dollar for the second time in two months, rattling businesses and prompting some currency dealers to suspend trading.

The rial fell to a record low of 60,000 against the dollar by Monday afternoon on the unregulated currency market.

(Source: Tasnim, under Creative Commons licence)

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