The Securities and Exchange High Council has approved the establishment of a currency futures bourse, a council member said Saturday. Mohammad Reza Pourebrahimi said the Central Bank of Iran�s governor, Valiollah Seif, is also in favor of the initiative.

He noted, however, that launching the bourse demands unification of foreign exchange rates, the lifting of restrictions on foreign transactions, organizing bureaux de change as well as CBI cooperation.

The final stage for launching the bourse would be made known next week. The currency bourse is expected to lower the risk of foreign investment in the country, according to the official. When founded, it will operate at the Iran Mercantile Exchange.

By Financial Tribune