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To: Platter who wrote (36533)	2/2/1999 2:30:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

Looks like Saudi oil minister is getting his priorities straight. bloomberg.com@@fCQR5wUA0lvew4nh/news2.cgi?T=energy_topnews.ht&s=368354240 Looks like Islamic Revolutions can't run on $12 oil. Time to get that price up. thr 017 economy-press officials must explain increase in rate of foreign exchange: paper tehran, feb. 2, irna -- the english daily 'iran news' tuesday commenting on the negative trend in the iranian foreign exchange market urged the economic officials of the country to explain the reason behind this situation. the editorial was referring to the value of the iranian rial against the dollar which has fallen drastically in the past few days. analysts believe that the sharp slump in the price of oil, the decline in non-oil exports, the south asian financial crisis and the increase in foreign travel are among the possible reasons behind the abnormal increase in foreign currency rates. it is also however possible that the rise in rates of foreign currencies is due to the non-interference of the central bank of iran (cbi) in the foreign exchange market. this if true, has given a free hand to seudo-business traders in this sector, pointed out the paper. furthermore, despite the reports by the country's press and the analysis of experts regarding the foreign exchange market, no action has yet been taken by the cbi on this issue which seems to have aggravated the situation. amidst these developments, there are rumors that the crisis in the domestic foreign exchange market has been created by the government in order to collect rials and reduce liquidity, noted the paper adding that the government should either reject the rumors or if it has some truth, it should clarify why such a step has been taken. if this situation continues in the iranian foreign exchange market, it will have a tremendously negative social and economic impact, pointed out the daily adding that the psychological impact of the increase in the value of hard currency against the rial will worsen the economic situation as it will lead to a rush by the people to buy dollars, stated the paper in conclusion. fh/ks end ::irna 02/02/99 11:58