Iran to launch forex bourse next week

Azerbaijan, Baku, Jul.31/ Trend F.Milad/

A foreign exchange trading market will be inaugurated in Iran next week, aiming to create a balance between the official and free market rates of foreign currencies.

President Mahmoud Ahmadinejad ordered establishment of the foreign exchange market, the ISNA News Agency reported.

U.S dollar was traded at 19,690 rials on Iran's unofficial market on Monday. Euro and pound were also sold at 24,300 rials and 31,210 rials, respectively.

The foreign exchange market is a form of exchange for the global decentralized trading of international currencies. In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying a quantity of another currency.

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