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Iran to establish organized banknote market to control FOREX – CBI Governor

Business Materials 21 November 2018 14:53

Tehran, Iran, Nov.21

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Iranian Central Bank held discussions about the establishment of an organized banknote market because the market today isn't organized, the bank's Central governor Abdul Nasser Hemati told reporters on thesidelines of the weekly cabinet summit today on Wednesday.

"We (the CBI) want everybody, who wants to sell their currency through currency exchange, traders, automatically connect to the Nima System platform," he said.

The integrated Iranian FX platform, aka “NIMA”, aiming to facilitate the currency trades for market participants, will be launched today afternoon, after massive controversial debates on the nation’s foreign exchange rate volatilities. Putting banks as the main market player, the new platform will promote transparency, fix the market liquidity, gather all FX needs of the nation in one convenient location and will prioritize the demand-supply mechanism.

NIMA will be able to address the retail demand of the market as well (e.g. travel, medial, students, etc.).

"I cannot predict. It depends on the market, but I have always stressed that currency and coins are not the right commodities to invest," Hemati said, in response to the question of his prediction of the country's currency and coin market.

"We have control over the market and the pressure of the enemy has not been able to affect the government and the central bank," he said.

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