‘CBI to launch mechanism to ensure stability in foreign currency market’

May 6, 2019

TEHRAN – Central Bank of Iran (CBI) is going to launch a new mechanism to control the exchange rates in the country’s foreign currency market, Mehr news agency reported quoting an official with the bank.

According to the official, the preparations for a “unified foreign exchange market” system are being finalized and the new mechanism will be inaugurated as soon as the next week.
As reported, the new mechanism is aimed to organize the transactions in the foreign exchange market between the exchange shops. 

“The CBI is going to explore the real volume of demand and supply in the foreign currency market through this new mechanism,” the source explained.

Earlier this month, the CBI Governor Abdolnaser Hemmati unveiled some new plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy.

Maintaining and strengthening the relative stability of the foreign exchange market was announced to be a priority among the mentioned plans.

Strengthening and improvement of the performance of Iran’s domestic Forex Management Integrated System (locally known as NIMA), setting foreign currency exchange policies to support non-oil and oil exports and providing liquidity and working capital to maintain and boost domestic production and finally establishing a financial mechanism with neighboring countries were some of the plans that the governor announced.
EF/MA

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