Iran’s central bank to launch integrated forex market in two weeks

The Central Bank of Iran (CBI) has concluded plans to begin an integrated forex market two weeks from today.

In a meeting held between CBI governor Abdolnasser Hemmati and the head of the integrated forex market, Mahmoud Shekasteband, on Saturday, the top officials reviewed the latest developments regarding the implementation of the new deal system.

According to CBI’s official website, during the meeting, it was decided to launch the long-awaited system in by mid-August.

Integrated forex deals system is a platform where exporters sell their currency earnings to companies importing non-essential goods.

It is similar to the Investors and Exporters Window (IEW) introduced by the Central Bank of Nigeria introduced in April 2017.

According to economic experts in Iran, the new deal system’s activity is expected to have a positive effect on the foreign currency market and help calm the foreign exchange market’s fluctuations.

Iran’s market has been experiencing fluctuations in the value of foreign currencies and gold coin prices since summer 2018.

The unified currency market can handle and ease the flow of money to and from banks and currency exchange stores.

Read Also: Turnover at Nigeria’s fixed income, currency market grosses N19.12trn