Iran to launch integrated foreign exchange market next week

MNA – The Central Bank of Iran will launch its newly-devised integrated foreign exchange market next week to define the real rate of the US dollar.

Iran’s Finance and Economic Affairs Minister Farhad Dejpasand made the statement on Friday, adding that the integrated foreign exchange market’s activity will have a positive effect on the foreign currency market and will help calm the foreign exchange market’s fluctuations.

In January 2018, Iran’s Money and Credit Council approved the integrated foreign exchange market trade regulations aimed to organize and improve the transparency of the market.

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

According to Dejpasand, around 85% of the imports are intermediate goods and raw material. This means that the new system will help boost the country’s domestic production.

“If the non-oil exports increase, it will enhance Iran’s credibility globally and cause more foreign currency return,” he added.

According to Mahmoud Shekasteband, the chief of the integrated foreign exchange market, “All the stages of the registration of companies have been completed and the necessary systems have been designed … the market will be tested soon.”

Iran’s market has been experiencing fluctuations in the value of foreign currencies and gold coin prices since summer 2018.

The unified currency market can handle and ease the flow of money to and from banks and currency exchange stores.