Economy, Business And Markets

Secondary Forex Market: Corruption Loopholes Abound

Secondary Forex Market: Corruption Loopholes AboundSecondary Forex Market: Corruption Loopholes Abound

Two goals set have been set for the recent establishment of the so-called “Secondary Forex Market”, namely meeting the country’s monetary needs through non-oil exports and setting a non-government-issued rate for foreign currencies, using negotiation as cover.
According to the economist Amir Houshang Amini, neither of which will result in anything but all-encompassing corruption stemming from the freedom allowed for the price of the dollar in an otherwise command economy.
Last week, the Central Bank of Iran announced the inauguration of the Secondary Forex Market, wherein importers and exporters are allowed to set a negotiated dollar rate for making transactions.


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