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Iran keeps tight grip on Central Bank

The governor of the Central Bank of Iran is defending his performance just as political groups are fighting for authority over the governor position, while the bank needs greater independence to stabilize Iranian markets.
A general view of the Central Bank of Iran building in Tehran January 23, 2006. Iran's central bank has not implemented any measures in preparation for U.N. action over its atomic programme because it does not believe sanctions will be imposed, the bank said on Monday. REUTERS/Morteza Nikoubazl - RTR18RHP

In an open letter published Nov. 15, Valiollah Seif, the governor of the Central Bank of Iran (CBI), defended his organization's performance in the past year, elaborating in detail how he adopted a series of effective monetary policies to curb hyperinflation, direct liquidity into specific markets, regulate the volatile foreign currency market and help end the recession.

The letter, though not directly addressing any particular issue, comes just at the moment when political groups in Tehran are fighting for the legal authority to appoint and dismiss the CBI governor and improve the CBI’s standard of independence.

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