Mohammad Reza Farzin has made the stabilization of the exchange rate one of the two objectives of his mandate along with the control of inflation. He outlined the first steps taken to this end.
Three measures are in place:
1) Monetary diplomacy with Qatar, the U.A.E., Iraq and China, countries to which Mohammad Reza Farzin successively visited, would have made it possible to offer $300 million of the $10 billion held by the Central Bank of Iran on the books of the Trade Bank of Iraq in the NIMA market for importers of essential goods, and to shorten the times for making available foreign exchange reserves held in China from 21 to 2 days.
2) The stabilization of the NIMA rate around its target of 285,000 IRR for $1 was made possible by the repatriation of $3.3 billion in revenue from the sale of oil and petrochemical products in the month of Dey, financing the import essential goods, raw materials and machinery at the NIMA rate;
3) In addition to supporting the retail foreign exchange markets by injecting $2.1 billion into the ICE market since the start of the current year, Mohammad Reza Farzin announced the reorganization of the latter (“NAKHODA” system ), first by their segmentation (cash/remittances; cash/forward), then by limiting the surplus position of exchange offices to EUR 30,000 per day, finally by increasing the annual ceiling for the purchase of currencies for individuals from 2,000 to 5,000 EUR
Source Embassy of France in Iran