Report: Instability of US dollar exchange rate in Iran is temporary - ANALYTICS

August 7, 2018 10:50

Baku. 7 August. REPORT.AZ/ Although the official exchange rate of the US dollar in Iran is 42,500 rials, while the price on "black market" is more than 100,000 rials.

Analytical Group of Report informs, the reason for sharp devaluation of Iranian currency is withdrawal of this country from the nuclear deal with US.

Although Iran's oil revenues increased by 70-80% compared to last year, officials in the Islamic Republic point out that there is no economic crisis in the country and they explain the fall of the national currency purely by political factors.

US President Donald Trump suggests to put embargo on countries with bilateral trade relations with Iran to close Iranian income sources.One of those countries is Turkey, which is one of the key exporters of Iranian oil.

Analytical Group of Report believes, official Ankara will continue to import oil from Iran despite pressure from Washington.The statement of Turkish Foreign Minister Mevlüt Çavuşoğlu also gives grounds to say that.

"It is not right to completely isolate a country like Iran. This is even dangerous, risky, and hampers the security of the region. For us, these decisions made against Iran are groundless and we believe that this is not true”, - he said.

One of the major reasons of aggressive policy by US towards Iran is the fact that this country refused from US dollar in foreign payments and instead used the euro. On April 16, payment was made without the need for currencies of third countries. At that time, the Public Relations Department of the Central Bank of Iran stated that this step will facilitate trade and banking business between the two countries and reduce the currency risk.

Analytical Group of Report believes, instability of US dollar exchange rate in Iran is temporary. Money from oil trade in the country will gradually stabilize the US currency. The methods used by the United States against Iran are not new and sometimes it is directed against its European allies.