Integrated forex market to start operation officially in spring

March 25, 2020 - 16:4

TEHRAN- Iran’s integrated forex market, which has been operating in a trial stage, will be officially launched during summer, IRNA reported, quoting an official with the Central Bank of Iran (CBI).

The official said that the trial operation has been successfully conducted and the ground is now ready for official launching of the system.

The system was planned to be officially launched during the past Iranian calendar year (ended on  March 19) but its trial operation was delayed as the CBI wanted to remove the possible problems and weaknesses of this system.

In early January last year, Money and Credit Council (MCC), the highest banking policy-making body of CBI, approved establishment of an integrated forex market as the CBI aims to explore the real volume of demand and supply in the foreign currency market through a new mechanism.

While, this mechanism is planned to organize the transactions in the forex market between the exchange shops, some also say that it may omit other exchange rates, including NIMA rate, gradually.

NIMA (Iran’s Forex Management Integrated System) has been launched in early July, 2019 to allow the exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.

The system, which seeks to boost transparency, create competitiveness among exchange shops and a secure environment for traders, was aimed to create the ground for importers to supply their required foreign currency without specific problems and for exporters to re-inject their earned foreign currency to domestic forex market.

MA/MA

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