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Iran to inaugurate forex transaction center on Monday

Business Materials 23 September 2012 11:59
Iran will officially inaugurate a foreign exchange transaction center on Monday, Central Bank Governor Mahmoud Bahmani said.

Azerbaijan, Baku, Sep.23/ Trend F.Milad/

Iran will officially inaugurate a foreign exchange transaction center on Monday, Central Bank Governor Mahmoud Bahmani said.

"The total foreign currency earned through selling petrochemicals, as well as 14.5 percent of oil revenues, and 2-10 percent of the National Development Fund's asset will be supplied through the center," Bahmani added, the Mehr news agency reported.

The base price for transactions will be lower than the free market rate, he noted.

On September 17, the chairman of the Chamber of Commerce, Industries, and Mines of Iran said that there is no plan on the agenda to launch foreign exchange market.

For the time being, launching the market is out of the Central Bank's agenda, Mohammad Nahavandian said, the Fars news agency reported.

On September 5, Finance and Economic Affairs Minister Shamseddin Hosseini told the Mehr news agency that Iran's foreign exchange trading market will be inaugurated by the end of the current calendar month of Shahriver (September 21), aiming to create a balance between the official and free market rates of foreign currencies.

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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