Secondary forex market witnessing smoother deals: CBI governor

August 20, 2018

TEHRAN- A smoother trend of deals is being seen in the secondary foreign currency market, according to Abdolnaser Hemmati, the governor of Central Bank of Iran (CBI).

Making the remarks among the reporters on the sidelines of the meeting of the Economic Committee of Majlis (Iranian parliament) on Sunday, the official said: “The secondary market is still far from the optimal condition but we have serious plans to remove the problems.”

The CBI governor mentioned the secondary market as the main forex market of the country and said the problems related to this market are being resolved but the exporters and importers are also required to move in a way to reach the best trades for the favored prices.

On July 4, Valiollah Seif, the previous governor of CBI, announced about official inauguration of secondary market in that day.

The secondary market will allow exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products at sabtaresh.com (a website running under Iran Trade Promotion Organization), Seif informed.

He said: “The secondary market will only provide private sector businessmen and those from small businesses with services.”

Iranian government is on the process of renovating its foreign currency system via managing domestic foreign currency market, reigning the currency rates, improving cooperation with exchange shops, and reinforcing exports.

Launching a secondary foreign exchange market is the latest in a series of steps Iranian government has taken to curb the rampant forex rates and lessen the impact of renewed U.S.-led sanctions on its economy.

MA/MA

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