CBI Expects Stability in Forex Market Amid Surge in Rates

Forex rates both in the regulated and the free market have seen little fluctuation in the recent past and should stabilize with improved arrangement the governor of the Central Bank of Iran said on the sidelines of a Cabinet meeting on Wednesday.
“An estimated $25 billion was provided to the market through Nima since the beginning of the current fiscal year in late March to October 22. Currency revenue from oil and non-oil export has resulted in better access. It is hoped that the trend will continue until the yearend,” Ali Salehabadi was quoted by Borna News Agency as saying.
Nima is an online platform affiliated to the CBI through which exporters sell their overseas currency and companies buy for importing goods, machinery, equipment and raw materials. In this system, importers declare their currency needs, exporters register their proceeds and banks and authorized moneychangers are brokers.