Forex rates both in the regulated and the free market have seen little fluctuation in the recent past and should stabilize with improved arrangement the governor of the Central Bank of Iran said on the sidelines of a Cabinet meeting on Wednesday.
“An estimated $25 billion was provided to the market through Nima since the beginning of the current fiscal year in late March to October 22. Currency revenue from oil and non-oil export has resulted in better access. It is hoped that the trend will continue until the yearend,” Ali Salehabadi was quoted by Borna News Agency as saying.
Nima is an online platform affiliated to the CBI through which exporters sell their overseas currency and companies buy for importing goods, machinery, equipment and raw materials. In this system, importers declare their currency needs, exporters register their proceeds and banks and authorized moneychangers are brokers.
“We are witnessing an increase in cash exchange in the regulated market. Initially cash interactions were mainly confined to currency exchanges, later it expanded to the regulated market and now exchange bureaus post their buy/sell rates on the regulated market website,” Salehabadi told reporters.
The CBI has recently required licensed currency exchange bureaus to report rates shown on their electronic boards also on a central e-platform accessible to the public.
Most currency rates made significant gains against the rial on Wednesday, the US dollar and UAE dirham not included.
The greenback was traded around 327,500 rials in the Tehran’s unofficial market, down 0.03% on the session before and the dirham closed at 89,900 rials, losing 0.11%.
The euro, however, was up 1.62% or 5,350 rials to buy 329,250 rials while the GBP gained almost 2% or 7,400 rials and was quoted at 379,100 rials.
Market observers believe that relative stability in the price of the dollar is mostly due to concern among traders about a possible jump in supply.
All said, the reluctance on both sides is a blessing in disguise and should help stabilize the near permanent chaotic forex market.
