CBI to launch new mechanism next week to curb rising prices in foreign currency market

TEHRAN, May 05 (MNA) – An official with central bank of Iran (CBI) says that the previously announced one single organized foreign currency market will be inaugurated as soon as next week.

A CBI official familiar with the matter said that preparations for the unified foreign exchange market are coming to an end and the new mechanism will finally be inaugurated as soon as the next week.

The CBI authority further said that the new mechanism aims to organize the transactions in the foreign exchange market between the exchange shops. He further explained about the mechanism, saying that the licensed exchange shops are linked to each other and their transactions are supervised by the CBI itself every day.

The CBI aims to explore the real volume of demand and supply in the foreign currency market through this new mechanism, the official noted, adding that the CBI will take action to sell or buy foreign currencies if required.

The CBI had announced the launch of an organized foreign exchange market almost two months ago and it was supposed to be inaugurated at the end of the first Iranian month of Farvardin (April 20).

KI/FNA13980215000852

News Code 144890

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