Economy, Business And Markets

Support for New CBI Measures

Support for New CBI MeasuresSupport for New CBI Measures

Former governor of the Central Bank of Iran, Tahmasb Mazaheri, has welcomed the action taken by CBI in establishing the Secondary Forex Market, adding that by doing this, the bank has accepted the “reality” of the market. Mazaheri said CBI’s earlier decision on April 10 to fix the US dollar’s exchange rate at 42,000 rials signified the denial of secondary market, but its new measures indicates its will to establish a relative stability in the market, IBENA reported. Secondary market dealings take place through the Forex Deals Integrated System, an online system locally known by its acronym Nima.  Although dealings only took place at the fixed rate of 42,000 rials, the government gradually eased the rules so that exporters and importers could trade at “negotiated” rates between themselves. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment