Iran approves general outlines of forex bourse

Business Materials 3 August 2012 13:24

Azerbaijan, Baku, Aug.3/ Trend F.Milad /

The Central Bank of Iran has approved general outlines of launching a foreign exchange market, Finance and Economic Affairs Minister Shamseddin Hosseini told the Mehr News Agency.

The foreign exchange trading market will be inaugurated next week, aiming to create a balance between the official and free market rates of foreign currencies, the ISNA News Agency reported.

President Mahmoud Ahmadinejad has ordered the establishment of the foreign exchange market.

U.S dollar was traded at 19,690 rials in 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.