Iranian central bank to close down unauthorised exchanges

Business Materials 18 May 2012 13:09 (UTC +04:00)

Azerbaijan, Baku, May 18/ Trend F.Milad/

The Central Bank of Iran has negotiated with the police department to prevent unauthorised exchanges from further activity.

The bank has authorised some 620 exchanges nationwide, the IRNA News agency reported. The authorised dealers have to register all their transactions in the central bank's comprehensive system.

Central Bank governor Mahmoud Bahmani said on April 29 that there is no possibility of stabilising the forex prices, because the prices are determined based on supply and demand.

Iran fixed the rial official rate at 12,260 to the dollar on January 28, seeking to meet all demand for foreign currencies through banks.

With the modified policy, "people will no longer need to use free markets to access dollars,"Bahmani said.