Economy, Business And Markets

CBI Okays Forex Derivatives Bourse

CBI Okays Forex Derivatives BourseCBI Okays Forex Derivatives Bourse

The Central Bank of Iran has approved the launch of a foreign exchange derivatives market, the bank’s deputy for foreign exchange affairs said on Wednesday.

“CBI has readied a plan for creating a foreign exchange derivatives market under the supervision of the Security and Exchange Organization,” IRNA quoted Gholamali Kamyab as saying.

He noted that Iran would keep honoring its currency swap agreements with Russia, Turkey and Iraq.

“Iran and Russia have signed currency swap agreements and the two sides will soon implement the agreement without hassles.”

The official said that the CBI has received enquires for banking relations from major European and Asian banks and some have asked to open branches in Iran.

He also referred to the detention of street currency dealers in recent days and said, “This is in line with CBI oversight over the forex market.”

The regulator will act against illegal forex trades either in cyberspace or on the streets, warned.