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EghtesadOnline: A third unofficial foreign exchange market has emerged, despite the government's efforts to prevent the turbulent currency market from spiraling out of control, a lawmaker warned.

"In fact, a third forex market has been formed due to the government's mismanagement, which means that foreign currencies are being traded at three rates in three separate markets," Ezzatollah Yousefian, a member of Majlis Plan and Budget Commission, told ICANA on Friday. A sudden, sharp drop in the value of rial against the dollar in April prompted the government to implement a relief plan, under which a single official rate was announced at 42,000 rials and any trading beyond that rate was banned.  The plan failed and increased the turmoil of an already-fluctuating market. Earlier this month, the Central Bank of Iran announced the launch of the Secondary Forex Market, wherein importers and exporters are allowed to agree to a negotiated dollar rate for making transactions. Experts have warned that the Secondary Forex Market is underperforming and needs more government support, Financial Tribune reported.


Iran Forex Trading foreign exchange market currency market