‘Banking system reformations on CBI agenda’

January 10, 2019

TEHRAN- “The plan on amending domestic banking system is being investigated comprehensively and will become operational after getting prepared,” the governor of the Central Bank of Iran (CBI) announced in social media.

According to Abdolnaser Hemmati, CBI’s Money and Credit Council has approved two major foreign currency exchange mechanisms, the first is formation of 'an organized market for foreign currency exchange and related trades’ and the second is preparation of 'instructions about letting customers open rial-based accounts relying on foreign currency’.

“At the organized market, foreign currency exchanges will be done in cash and in an electronic framework, relying on the approved regulations,” Hemmati announced.

"In rial-based accounts, the CBI utilizes the made accounts of its customers for making foreign currency investments,” he wrote, “the exchange rates for opening such accounts are daily set at CBI’s online Sana system (accessible at sanarate.ir, a website that records daily forex trade from across the domestic exchange bureaus).”

HJ/MA

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