Inauguration of integrated forex market deferred due to software problems

TEHRAN, Aug. 07 (MNA) – The Governor of the Central Bank of Iran (CBI) said on Wednesday that official inauguration of integrated forex market is postponed since some of the Iranian banks and foreign exchange shops have not been able to install the required software by the set deadline.

Abdolnasser Hemmati, on the sidelines of Cabinet meeting, also addressed the government’s plan on slicing four zeros from the national currency saying that having the plan implemented, rial’s nominal value against foreign exchange rates will be maintained.

Hemmati said on Tuesday that crossing out four zeros from national currency, Rial, will have no impact on inflation rate adding that the central bank is ready to implement the plan.

He explained that removing four zeros will have no costs for the government since CBI annually prints about 700 million of new bank notes and replacing the old ones with the new ones is a routine procedure.

He said that removal of four zeros from national currency will for sure facilitate daily transactions but to get implemented the government’s ratified plan needs Parliament’s approval, as well.

An official from the CBI announced on Monday that the integrated market will be inaugurated later than the predetermined date i.e. August 12, 2019.

Informing that the decision has been made under the direct order of the governor of the CBI, the official added that performing the required experimental tests have been commenced.

HJ/ 4687245

News Code 148616

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