After the riyal fell to record levels..the central bank of Iran pledges to fight speculation in the local currency

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Abdel Nasser Hemti, the governor of the Central Bank of Iran, said that he will defend the faltering Iranian riyal in the face of speculation and without pumping a hard currency into the market, in response to the currency’s decline to historical low levels this week.

The rial plunged to an all-time low on Tuesday, before recovering slightly, days after increased IAEA diplomatic pressure on Tehran by demanding that the agency be allowed access to a suspected former nuclear site.

“No committed and knowledgeable central bank is scattering its resources in the market in the periods when we see the economy undergoing short-term shocks,” he said in a post on social media, “Instagram” late Friday.

Iranian officials say the government has largely abandoned the policy of pumping large amounts of hard currency with the aim of supporting the riyal since 2018 when the riyal lost about 75 percent of its value after the United States withdrew from the international nuclear deal and its next decision to reimpose sanctions on Tehran.

“The central bank will definitely deal with fluctuations based on speculation, and the trend during the past three days has shown that strong market management will prevent disturbances,” he added, according to Reuters.

And specialized sites in exchange rates, including Bunbast.com, reported that the riyal rose slightly against the dollar, and recorded in the informal market about 192 thousand yesterday, Friday, after falling to a historical low at 205 thousand on Tuesday.

Iran has said that America is waging a global campaign and using economic and medical terrorism against human rights in the country, after its deficit at all levels.

The Iranian Foreign Ministry said in a tweet on Twitter on Friday, on the occasion of a week that exposed the reality of “human rights in America” ‚Äč‚Äčthat Tehran started a year ago: “from depriving Iran of access to its financial resources to manage its affairs to a ban on sending health supplies related to confronting the Corona virus with the aim of saving lives.” Iranians, the American system is leading a desperate global campaign to use economic and medical terrorism against the human rights of Iranians.



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