Iran’s Forex Improved by Diplomatic Overtures: CBI
- March, 20, 2023 - 16:16
- Economy news
TEHRAN (Tasnim) - Diplomatic initiatives with Saudi Arabia and the United Arab Emirates have helped the country's foreign exchange status (UAE), the Central Bank of Iran (CBI) reported.
According to a CBI statement issued on Sunday, the government's objective of improving relations with neighbors, particularly Saudi Arabia and the United Arab Emirates, has helped ease a weeks-long crisis in the Iranian foreign currency market that has driven up prices.
It stated on Saturday that the supply of UAE dirham (DHS) to consumers in a newly formed currency market had increased to 630 million DHS.
“The government’s economic diplomacy policy through setting up new financial channels, creating credit lines and (attracting) investment by Arab countries will lead to bright perspectives for future management of the foreign exchange market,” said the CBI.
The remark follows a Chinese-mediated agreement between Iran and Saudi Arabia in early March, which allowed the two oil-rich countries to reestablish diplomatic contacts after a seven-year hiatus.
It also comes after a high-level Iranian team, including senior business officials, visited the UAE to discuss improving relations with the Arab country.