Tehran, Iran, July 01
Trend:
Iran has started initial activities of Integrated Foreign Exchange Market, while the Central Bank of Iran (CBI) does not intend to change official foreign currency rate of 42,000 rial per dollar, said head of Association of Private Banks and Credit Institutions.
"The Central Bank of Iran seeks to establish structure and independent network by aid of banks and foreign exchange offices to create transparency in foreign exchange transactions in the market," said Kourosh Parvizian, Trend reports citing ILNA.
"The Integrated Foreign Exchange market has been registered, implementation of banks cooperation agreements are underway and initial steps are taken to stat the market activities," he added.
"Currently, the Integrated Foreign Exchange Market is in its early stages of buying and selling foreign currency in cash. The market mission is to create transparency and implement tasks by the government," he noted.
"While the Central Bank of Iran implements the foreign currency operations via foreign exchange offices, it also carries out more specialized activities in the Integrated Foreign Exchange Market," he added. "At the moment, banks are providing payment order, foreign currency LC, and related advances for imports and exports. The required official foreign currency is being provided by CBI to banks and credit institutes."
"The Central Bank of Iran does not intend to change official foreign currency rate," he said answering whether the official foreign currency rate will be eliminated after launch of the Integrated Foreign Exchange Market.
