Iran’s central bank to launch new currency exchange market

The Central Bank of Iran (CBI) is planning to launch a new currency exchange market in a bid to control the prices and to make it easier for importers to access hard currency generated from exports.

7 November 2024
ID : 55834
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The Central Bank of Iran (CBI) is planning to launch a new currency exchange market in a bid to control the prices and to make it easier for importers to access hard currency generated from exports.

A man walks past the Central Bank of Iran headquarters in Tehran, August 1, 2019. Photo: Reuters

The Central Bank of Iran (CBI) is planning to launch a new currency exchange market in a bid to control the prices and to make it easier for importers to access hard currency generated from exports.

CBI governor Mohammad Reza Farzin said on Wednesday that the Currency Market of Mutually-Agreed Prices will be a place to determine the price of hard currency through auctions.

Farzin said that the CBI will play the role of a supervisor in the market and will only intervene by injecting its hard currency resources at times it deems it necessary.

The CBI governor said that a current system for the exchange of hard currency between importers and exporters, known as NIMA, will gradually be integrated into the new market.

The CBI has a rate of 285,000 rials per US dollar which it applies to imports of basic goods, including medicine.

Iran has been using the NIMA price, reported at 502,308 rials per US dollar on Wednesday, for allocating hard currencies to trade and imports of non-essential goods.

For the past several years, Iranian exporters have been required to supply their proceeds to NIMA to ease the access of importers to hard currency resources in the country.

That comes as the market price of the US dollar was 697,000 rials in Tehran on Wednesday.

CEO of the CBI-controlled Iran Center for Exchange of Currency and Gold said on Wednesday that exporters and importers will be able to directly negotiate and agree on prices for selling and purchasing hard currency in the new market. 

Ali Saeidi told the official IRNA news agency that the average price of trades carried out every day in the market would determine the starting price of the next day's trade and would be a benchmark for currency prices in the country. 

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