Iran’s newly-appointed governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati says excessive liquidity in the Iranian economy is the root cause for the plunge in the value of the Iranian rial and for overall market volatility.
Addressing an Islamic banking conference in Tehran this week Mr Hemmati faulted the banking system for facilitating rising liquidity. He warned that this will place further pressure on the forex market as individuals rush into safe havens to preserve the...