Central Bank of Iran to Launch Official Currency Market

The Central Bank of Iran will soon launch a formal foreign currency market where dealings will take place at free rates, the bank’s governor said Monday. 
Abdolnasser Hemmati said this in his Instagram post, noting that currency deals will be both in the form of banknotes and hawalah and will be based on “auction mechanism." 
The function of the market will be to "discover prices" and provide for the people’s small needs and services. 
The announcement comes as the CBI and the government has been struggling to stabilize the currency market after rial lost approximately two-thirds of its value in the past eight months.