Interbank Forex Market by March

The Central Bank of Iran will launch the interbank foreign exchange market to prevent fluctuations in foreign exchange, CBI’s governor announced on Sunday. Valiollah Seif added that the interbank market would be used for injecting forex revenues from non-oil exports into the market. “It will also help revive banks’ role in the foreign exchange market,” the CBI website quoted Seif as saying. Back in July, the banking system was authorized to deal in foreign currencies at the open market rate. Petrochemical companies have reached an agreement with CBI to inject their export revenues into the market on a weekly basis. The CBI has injected $5.8 billion into the market recently to control forex rates.