Iran’s Central Bank to launch integrated currency market

Tasnim – The Central Bank of Iran is going to launch a unified currency market that would handle the flow of money to and from banks and currency exchange stores.

Abdonnaser Hemmati on Tuesday said the Central Bank will put the integrated currency market into practice within the next two weeks.

The integrated market, focusing on banknotes, would regulate the retail and wholesale purchases in the form of cash or electronic trade, he added.

According to Hemmati, the Central Bank of Iran will handle the new currency market, designed to control the trade of banknotes in large quantities in banks and currency exchange stores.

He said that the Central Bank’s policies over the past 6 months have resulted in relative economic stability and calm in the country’s money and currency market.

Last week, Hemmati explicated the Central Bank’s plans to neutralize the economic pressures and psychological war waged by the US and its allies with the aim of destabilizing Iran’s currency market.

In August 2018, Hemmati unveiled a new package of regulations on foreign currency trade which lifted a ban on the activity of money exchange markets.

Iran’s market experienced a sharp rise in the value of foreign currencies and gold coin prices in summer 2018. The Iranian money plunged to a record low against the US dollar in August.

But the Iranian currency, rial, began to bounce back against US dollar later in the year.