Iran commodities exchange eyes launching currency market (Exclusive)

Tehran, Iran, April 16

By Kamyar Eghbalnejad – Trend:

Iran Mercantile Exchange (IME) has expressed interest in launching a derivative market for offering foreign currencies.

“The infrastructure for launching a currency derivatives market within the IME has been created and we are currently prepared to launch the market as per the decision by the policymakers,” Hamed Soltaninezhad, the head of the IME, told Trend.

Speaking about a recent decision by the Iranian authorities on unifying the free market and official currency exchange rates, he said that the decision has brought about calm to the market.

“Both derivatives and spot markets have become calm following the decision on unifying the currency rates."

“Pricing commodities and setting base prices will take place through a single currency rate. I believe the decision will lead to a better situation in the commodities and futures markets,” he said.

Iran’s currency, the rial, traded at 40,000 to the dollar last year, recently plunged to 60,000 rials per dollar on the open market rates.

The government, in order to confront the weakening national currency, announced its plan to unify official and free-market exchange rates for the rial in favor of a single rate at 42,000 against the US dollar.

Central Bank of Iran has also imposed a ban on the sale of foreign currencies at exchange shops, under which the exchangers no longer have the right to buy, sell, or transfer foreign currencies.

The IME saw a growth of 44 percent in the value of trades over the last calendar year, which ended on March 20, with a total trade value of 1.17 quadrillion rials (about $26.5 billion) of commodities and securities.

SECO: Switzerland sees potential in strengthening ties with Azerbaijan in energy field
SECO: Switzerland sees potential in strengthening ties with Azerbaijan in energy field
ABB looking to expand within contract with BP in Azerbaijan
ABB looking to expand within contract with BP in Azerbaijan
Discussions held on long-term energy sector dev't strategy in Azerbaijan
Discussions held on long-term energy sector dev't strategy in Azerbaijan
Loading Bars
Latest
SECO: Switzerland sees potential in strengthening ties with Azerbaijan in energy field
ABB looking to expand within contract with BP in Azerbaijan
Azerbaijan launches new project in livestock sector
Azerbaijan’s Khirdalan plant to increase production volume of metal structures
Azerbaijan Tourism Board opens tender to buy online payment services
Azerbaijan to increase production of bricks, cellular concrete blocks
Mobile internet usage increases in Georgia
Container cargo transportation between Kazakhstan and Turkey via Azerbaijan ramps up greatly
Hungary, Georgia discuss cooperation opportunities for businesses
Georgia develops package of epidemiological safety measures for tour operators
Weekly review of Georgian capital market
Turkmenistan issues preferential loan to entrepreneurs for sheep purchase
Azerbaijani FM, EU commissioner hold meeting in videoconference format (PHOTO)
Export of vegetables from Georgia to Azerbaijan up
Singapore ramps up volume of exports to Azerbaijan
Georgian National Bank introduces new tools to support SMEs financing
Azerbaijani minister: Wages Fund up since early 2020
Azerbaijan's large heating equipment producer suspends work due to COVID-19
Iran, France trade continues despite decline of relations
Production in Iran's Maku Free Zone increases
AZAL urges its passengers to rely on official information only
Kazakhstan’s postal service operator to buy spare parts for vehicles via tender
Kazakhstan-based Freedom Holding Corp. purchases Russian securities brokerage firm
Israeli MASHAV program expands in Georgia
Bank of Israel holds benchmark rate at 0.1%, to buy corporate bonds
Iran to build bigger "industrial shed" instead of damaged one
Azerbaijan’s Gazakh cement plant increases production volumes
Discussions held on long-term energy sector dev't strategy in Azerbaijan
Azerbaijan confirms 513 new COVID-19 cases
SOCAR Ukraine discloses volume of natgas sales in domestic market
Azerbaijan’s Ganja Instrument Making Plant to launch export of products
Israel decides to close bars, clubs, gyms after coronavirus infection rise
Turkmenistan appoints new heads of state structures in oil, gas sector
Azerbaijan's AzerGold company to finance eco-monitoring of local ore deposit
Bank of Georgia finances project to promote country's wine sector
Bank supply at Azerbaijan's CBA deposit auction tops demand almost four-fold
Georgia approves flight schedule to ensure return of its citizens from abroad
Volume of cargo transshipment through Turkish Bandirma port disclosed
Turkey's export of cars abroad from January through June 2020 down
Irish temporary COVID-19 jobless claims fall to 412,900
Azerbaijani president makes phone call to first president of Kazakhstan
Cash turnover in Uzbekistan's banking system increases
Details on cargo transshipment from Iraq via Turkish ports unveiled
Kazakhstan working to create legal regulation for digital technologies
OSCE becomes tool of certain countries’ political orders due to people like Harlem Desir
Share of non-oil enterprises in Azerbaijan's GDP growing
Thai central bank says has not closed door to further easing
Lithuanian business increasingly interested in investing in Kazakhstan
Turkmenistan to strengthen control over use of state loans
Qatar coronavirus cases exceed 100,000, health ministry says
Kazakhstan, Turkey to jointly increase capacities of Trans-Caspian int'l transport route
WHO mission to arrive in Turkmenistan
Prices on food market of Uzbekistan decrease
Uzbekistan to build large business center in Tashkent region
Slovakia cuts countercyclical buffer rate for banks to 1.0%
Georgian real estate consulting company predicts lower prices for apartments in Batumi
Iran to benefit from long-term co-op with China - Chamber of Commerce
Indonesia unveils $40 billion bond scheme to fund recovery from pandemic
Vietnam reports 14 new COVID-19 cases, all imported
Turkish export of defense products to int'l markets down in 1H2020
Swiss passengers don masks on trams and mountain trains to fight COVID-19
Kazakhstan, Vietnam trade turnover down twofold
Turkmenistan unveils plans to expand its industrial sector
Total revenues of Georgian largest telecom operator Silknet grow
Turkey's five-month export to EU lowers
Hungary EXIM Bank opening investment line for Georgia
Greece to resume direct flights with Britain from July 15
Number of Uzbek companies operating in Kazakhstan surges
Hungarian companies interested in expanding business in Georgia
Azerbaijani president, first lady attend inauguration of modular hospital in Baku (PHOTO)
Philippines reports 2,099 new coronavirus cases, 6 deaths
Azerbaijan's ADY Container sets new record in cargo transportation speed
Uzbekistan's COVID-19 cases surpass 10,000
Azerbaijani oil prices (June 29-July 3)
Latvia to finance multiple projects in Uzbekistan
Iran's mobile phone registration plan helps curb smuggling
Uzbek chemical plant improves production of sodium carbonate
Oil up on tighter supply, expectations for positive data
Iranian banks offer loans to Justice Shares owners
Indonesia reports 70 new coronavirus deaths, 1,209 new cases
Iran bans export of face masks amid increase of COVID-related deaths
Defense Ministry dismisses rumors on Azerbaijan's air space used to attack Iran
Turkey's export of ready-made clothing abroad down thanks to COVID-19
Kazakhstan's oil & gas company to buy filters via tender
Share of Yahoo, Yandex search engines in Azerbaijan down
Most popular operating system in Azerbaijan revealed
Turkmenistan to implement new programs to increase cotton production
Iran uses monitoring systems to prevent fuel smuggling
European Gymnastics President: Baku Aerobic Gymnastics World Championships dates confirmed
Volume of dolomite transshipment through Turkish ports announced
Gold price decreases in Azerbaijan on July 6
Turkmen greenhouse plans to harvest large crop of bananas
Kazakhstan decreases export of locally-made goods to US
Russia reports more than 6,600 new coronavirus cases
Turkish export of grain, legumes to int'l markets in 1H2020 rises
Ford's China ventures extend auto sales recovery in June
Iran talks exports to Venezuela, hints at bartering option
Geostat: US ranks 7th among largest importers of Georgian products
McKinsey and Co.: Coronavirus to have lasting impact on energy supply
Turkmenistan sells base oil to UAE, Turkey, Afghanistan
All news