Iran's Financial Authority Approves Regulated Forex Market

Rules for launching an official foreign exchange market were approved by the Money and Credit Council - a top financial decision-making body headed by the governor of Central Bank of Iran.  
According to the CBI website, the move seeks to organize and establish a transparent market where foreign currency will be traded in cash through an electronic platform in line with MCC regulations.   
The move is another CBI effort to regulate the market long dominated by informal traders. Currency trade went underground in the spring and summer of last year when the central bank banned all currency trade outside the banking system including the certified exchange bureaux.