WANA (Nov 10) – Iran’s Central Bank Governor, Mohammad Reza Farzin, noted that Iran’s foreign currency reserves have increased and are now stable. He stated that financial and currency market fluctuations in Iran remained moderate after the U.S. elections and did not cause alarm.

 

Farzin explained that the Central Bank had begun implementing its operational plans before the U.S. elections to minimize market volatility, highlighting Iran’s economic resilience.

 

He added that the agreed-upon currency market, influenced by foreign trade, will set the exchange rate, with the Central Bank actively participating in this market.

 

He also mentioned that the Central Bank has significantly increased the country’s gold reserves over the past two years and emphasized that Iran is utilizing foreign currency resources that are now accessible.

 

Acknowledging the stability of Iran’s market, Farzin remarked that the Iranian economy today is much stronger and less dependent than it was eight years ago. He referenced Iran’s recent membership in BRICS as a pivotal step, noting that many of BRICS’ initiatives were proposed by Iran.

 

In its international trade, Iran is encouraging partners to move away from the SWIFT financial system, aligning with Iran’s strategy to reduce reliance on the dollar as a sanctioned currency. “Within BRICS, we have decided to exclude SWIFT,” he added, underscoring Iran’s strategic focus on de-dollarization.