President: Recent Forex Market Fluctuations Unjustified

Tehran, Oct 3, IRNA – President Mahmoud Ahmadinejad said on Tuesday that there is no economic justification for recent fluctuations in foreign exchange market, noting that the Central Bank of Iran has necessary foreign exchange reserves for imports. Addressing a press conference, President Ahmadinejad said foreign exchange fluctuations are not something news, rather such a problem had existed before but now it has escalated. He noted that two factors have been involved in the fluctuations which are external and internal variables. “Enemy has banned Iranian crude oil exports which is a key source for foreign exchange income and the second and the worst factor is cutting banking relations. That's in fact a hidden and extensive war spreading worldwide. The President continued, “Our colleagues at the Central Bank and related institutions will try to find ways to tackle the problem.”/end