Economy, Business And Markets

Forex Rates Based on Market Mechanisms

Forex Rates Based on Market MechanismsForex Rates Based on Market Mechanisms

Foreign exchange rates will be based on marketmechanisms, said the vice governor of the Central Bank of Iran on Sunday.

"When we move toward market forces, forex rates will also be based on that mechanism," Ali Akbar Komijani was also quoted as saying by IBENA.

Iranian banks were recently allowed to trade in the forex market which, according to the CBI official, is one of the most important measures in collective operations currently undertaken to unify forex rates.

"The CBI is responsible for the management and leadership of this market," he said. "With increasedstability in our macroeconomic climate comes more trust that will add to the currency that will enter the market."