Baku, Azerbaijan, Apr.5
By Fatih Karimov - Trend:
Foreign currencies will not fall sharply in Iran after the agreement reached on April 2 among Iran and world powers on Iran's nuclear program.
Ala Mir Mohammad Sadeghi, the vice president of Iran's Chamber of Commerce, Industries and Mines, said that the foreign currency market will not see sharp fluctuations in the future, Iran's ISNA news agency reported on April 5.
The nuclear agreement has raised hope among private sector officials to expand activities in different fields of economy, he added.
"However, I recommend them not to be so hopeful and not be dependent on external factors. Instead, they should practice to stand on their feet."
Iran's currency and stock market rose on their first day of trade since Tehran agreed with world powers on its disputed nuclear plans. But the moderate amount of the gains showed that investors do not expect an immediate recovery of the economy.
The rial climbed about 2 percent in free market trade to 32,350 versus the U.S. dollar on April 3, remaining within the range of the last several months, according to Iranian currency trading websites.
The agreement on curbing Iran's nuclear program, reached on Thursday, will - if confirmed in a final deal by a June 30 deadline - begin to ease crippling economic sanctions on Iran. This could ignite a boom and clear the way for tens of billions of dollars of fresh trade and investment.
Valiollah Seif, the governor of the Central Bank of Iran, said on April 4 that the bank does not intend to prevent from the falling trend of foreign currency prices.
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