The long-expected secondary foreign exchange market officially commenced work while exchange bureaus remain barred from physical trading in hard currency.
Governor of the Central Bank of Iran Valiollah Seif told reporters on Wednesday that the market has started trading at negotiated rates, but dismissed reports suggesting that exchange shops will also regain their former status from Saturday.
"Exchange shops are active and do their business in the area of foreign exchange hawalas but a decision about whether they can trade in physical currency will be announced at a later time," Seif was quoted as saying by the official news agency IRNA.
Asked what role exchangers would play in the newly-launched secondary market, Seif said moneychangers could act as intermediaries between exporters and importers.
July 04, 2018 20:05
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Iran's Secondary Forex Trade Starts as Exchangers Remain on Hold
Exchange shops are active and do their business in the area of foreign exchange hawalas but a decision about whether they can trade in physical currency will be announced at a later time
Seif noted that the secondary market would initially be used for the import of goods and services, but will later be tapped for other purposes
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