The Central Bank of Iran has given permission to exchange shops to buy and sell foreign currency online through the website of the Iran Currency Exchange (ICE).
CBI Governor Ali Salehabadi said buyers can place orders using the ICE platform from today (Saturday) after providing their ID. "They can select any exchange shop and should later go there to get their order," IBENA quoted him as saying.
"The platform is launched to help ease currency trade via the shops," Salehabadi said, adding that the operations via the new platform will be under CBI supervision.
Recently the regulator required licensed currency exchange bureaus to report rates shown on their electronic boards also on a central e-platform accessible to the public.
The aim it said was to help improve transparency in the way moneychangers operate. Rates are available via ice.ir, the official ICE website.
Close to 300 exchange bureaus have started publishing data live on the regulated market website. All 545 licensed exchange shops are expected to be linked gradually to the system.
On the current state of the forex market the CBI chief said, "Stability in the currency market is crucial for the central bank."
"Our plan is to continue supplying forex through the Nima system based on the needs of private companies. Forex trade at negotiated rates has been welcomed by exporters and we have no major problem in supplying the market.”
Nima is an online platform affiliated to the CBI through where exporters sell their overseas currency and companies buy for importing goods, machinery, equipment and raw material.
In this system, importers declare their currency needs, exporters register their proceeds and banks and authorized moneychangers are brokers.
An estimated $26.5 billion was traded through Nima since the beginning of the current fiscal year in late March, up 67% year-on-year, according to the CBI.
In June the CBI allowed moneychangers to buy currency from exporters and retail and institutional currency holders at negotiated rates.
Rise in Forex Rates
Currency rates shot up last week in Tehran's open market with the US dollar at an all-time high. The greenback was quoted at 348,500 rials on Thursday, up 1.17% or 4,100 rials.
In the official market operated by the CBI-affiliated exchange bureaus, the dollar was tagged at 290,400 rials.
Some market observers say the sudden surge in forex rates is mostly because of an increase in demand. The widening gap between rates of bank-affiliated exchange shops and the open market led to long lines Wednesday in front of bank-affiliated exchange shops, local media outlets reported.
Gold prices, however, declined on Thursday after hitting new highs a day earlier. One gram of 18-karat gold was traded at 13.93 million rials, the Emami gold coin bought 159.9 million rials, down 0.33% on the day before.
But the Half Bahar Azadi coin rose 1.74% and was quoted at 86 million rials while the Quarter Bahar Azadi coin gained 0.89% to end at 56 million rials.
International Gold prices rose more than 1% on Friday as a slight pullback in the dollar helped alleviate some pressure from the US Federal Reserve’s hawkish policy narrative, Reuters reported.
Spot gold was up 1.1% at $1,647.19 per ounce. andUS gold futures rose 1.2% to $1,649.90.
