100+ Exchange Bureaus to Participate in New Forex Market

Head of the company that will oversee the regulated forex market says the new market will open with the participation of 100 plus money changers.

Mahmoud Shekasteband said there are more exchange bureaus that have applied for operating in market but have not completed all the formal requirements, Fars News Agency reported.  

As announced by the governor of the Central Bank of Iran, Abdolnasser Hemmati, the market will be launched on August 12 to coincide with the annual Muslim feast of Eid al-Adha.

Elaborating on the working hours of the market, Shekasteband said trading will begin at 8:30 am and end 3:30 pm local time. 

The CBI has obliged exchange offices that are to operate in the market to open two accounts, one forex-based and the other in rials. 

A monitoring body within the regulated currency market will have access to the accounts and allow transactions for which there is equivalent amount in their account. In other words, trade orders will be based on the balance in the accounts.  

As for pricing, the market is tasked with drafting a trading by-law, approved by the CBI, based on which prices in the closing hours of each trading day will determine the next day’s price with a difference not more than 5-10%.