‘Integrated forex market to be launched in a month’

May 22, 2019

TEHRAN- The chairman of the Economic Committee of Majlis announced that an integrated forex market will be launched in the country by the end of current Iranian calendar month of Khordad (June 21), IRNA reported.

Mohammadreza Pour-Ebrahimi said by launching this market the other exchange rates like the Sana rate will be omitted gradually.

Central Bank of Iran (CBI) ’s online Sana system, accessible at sanarate.ir, is a website that records daily forex trade from across the domestic exchange bureaus.

The official further said that the measures taken by the government specially by the CBI over the past months in order to organize and integrate the forex market have laid the ground for creating balance in this market.

On Monday, Iranian finance and economic affairs minister announced that all necessary measures have been taken for launching an organized forex market.

Farhad Dejpasand said the ministry have done all legal actions to this end and just the affairs related to the company (which is to be set up for such market) are being performed.

Dejpasand said the mentioned market is due to set the real foreign currency exchange rates.

Establishment of this market has been approved by the Money and Credit Council (MCC), the highest banking policy-making body of the Central Bank of Iran (CBI), on January 8 as the CBI aims to explore the real volume of demand and supply in the foreign currency market through a new mechanism.

Regarding this market, a CBI official said on May 5 that the new mechanism aims to organize the transactions in the foreign currency exchange market between the exchange shops, Mehr news agency reported.

MA/MA

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