The Minister of Economy has no responsibility regarding currency and monetary policies
Ali Madanizadeh, the Minister of Economy and Finance of the Islamic Republic, stated on Tuesday, September 30, amid growing concerns about rising currency prices and their impact on people’s lives, that the Minister of Economy is in no way accountable for any of the currency and monetary policies adopted by the Central Bank.
The Minister of Economy cannot be held accountable for currency policies because he only has one vote on the Central Bank’s High Council, and the country’s currency and monetary policies are exclusively under the control of the Central Bank.
According to Fars News Agency, Madanizadeh pointed out that all members of the Central Bank’s High Council, except for the Minister of Economy and the head of the Planning and Budget Organization, are appointed by the Central Bank’s president. He stated that the Central Bank is the exclusive authority over the country’s monetary and currency policies and is specifically the primary and ultimate responsible entity for issues related to exchange rates and inflation.
Nevertheless, Ali Zandian, a member of the Islamic Republic’s Parliament Economic Commission, announced on Tuesday, September 30, that the Minister of Economy has been summoned to Parliament for the following week and is expected to be questioned about the Ministry of Economy’s plans on various issues, including currency prices and essential goods.