Business And Markets

One More Step Toward Restraining Forex Rates

The CBI said $7.5 billion was supplied to the market via the newly-created Iran ICE in the past week. Students and travelers accounted for the main buyers of forex
One More Step Toward Restraining Forex Rates
One More Step Toward Restraining Forex Rates

The Central Bank of Iran said it has allowed all authorized moneychangers to buy the export income of mining and petrochemical companies, the secretary of the Iran Exchange Bureaus’ Association reported.
"The measure should help curb forex rates in the market and  boost supply…Formerly, only bank-affiliated exchange shops could buy exporters' overseas income. The new measure is expected to help augment competition and gradually stabilize the market," IBENA quoted Kamran Soltanizadeh as saying. 
The measure came after the association's request to the central bank. "We elaborated the reasons for the request, and its likely impact on the market rates, which was welcomed by the CBI."
Earlier the association had called for the resumption of currency trade at negotiated rates. "The market was [relatively] stable when the CBI allowed moneychangers to sell currency at negotiated rates. Prices rocketed after the CBI prohibited such deals."


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