Management of the currency market should be changed if the government wants to make efficient use of forex inflows, Yahya Ale Es’haq, head of the Tehran Chamber of Commerce, said on Wednesday.
With huge amount of foreign currency pouring into the Iranian market if a final nuclear deal is reached between Iran and world powers, the banking system needs a new management strategy over the currency market or will suffer serious damages, economic news website Eranico quoted the official as saying. The private sector has already started negotiations with foreign partners, who seem eager to enter the Iranian market as soon as sanctions against Iran are lifted.
Ale Es’haq predicted if the deal is finalized by the June 30 deadline, huge volume of foreign currency are expected to be transferred into Iran’s financial system. He said private players, and not the government, must help run the economy applying the most effective methods to manage the currency and monetary sources. He also urged the policymaker to improve foreign direct investment (FDI) regulations.
Additionally, the managers should be trained to be able to sign lucrative contracts with foreign parties, he concluded.
