Central Bank of Iran Has High Hopes in OMO

The highly touted monetary mechanism -- open market operation -- to regulate the interbank market, is getting the final touches and will be launched soon, said the governor of the Central Bank of Iran. 
Speaking at a meeting with senior bankers on Tuesday, Abdolnasser Hemmati underlined the OMO’s role in controlling inflation and improving the interbank market.  
Hemmati said the CBI has created the conditions for the smooth functioning of OMO.
OMO is a financial instrument through which central banks buy and sell securities in the open market to expand or reduce money supply.