Investigating the mutual effects of the central bank's foreign exchange policies (exchange rate) on macroeconomic variables with a dynamic analysis approach

The purpose of this research is the dynamic analysis of the foreign exchange policies of the Central Bank of Iran. In this regard, the concepts, dimensions, and indicators of the final model were identified using the meta-integration method, which can be used as a suitable tool to evaluate the central bank's currency policies and changes in macroeconomic variables. After simulating the desired model, the results show that with the improvement of economic factors, its sub-components are improved, which increases the efficiency and effectiveness of the central bank's foreign exchange policies, and this will continue as a dynamic cycle over time. Also, the lack of improvement in economic and legal factors is one of the most important obstacles to efficiency, effectiveness, and improvement in the implementation of the Central Bank's foreign exchange policies. Based on the results of simulation and examination of different policies and scenarios, we come to the conclusion that for the central bank's currency policies to be effective and successful, it is necessary to increase internal and external trust and participation in economic investment, improve monetary and budgetary factors, and export growth. Social, managerial and political factors are in the next stage.