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EghtesadOnline: The Association of Bureaux de Change Operators of Iran will hold a briefing on Wednesday for members of the regulated foreign exchange market scheduled to be launched in the near future.

In an invitation the association called on managers of exchange bureaus to participant in the meeting that will be attended by the board of directors of the company overseeing the regulated forex market. 

The regulated forex market company was registered officially and launched pilot trade in late April. 

It is a private company comprising major stakeholders, namely the Association of Private Banks and Credit Institutions, Association of Bureaux de Change Operators, representatives from public banks, and Iran Fara Bourse (over-the-counter market for securities and other financial instruments), Financial Tribune reported.

The market will be launched with the participation of banks and certified exchange shops under CBI oversight. 

“The meeting will be held to brief participants on issues pertaining to the regulated market,” the chairman of the association Kamran Soltanzadeh told IBENA. 

In the Q&A session, topics and queries related to the operation of the market, its advantages and relevant issues will be discussed.

 

Augmenting Preparedness

Created with the aim of stabilizing the chaotic foreign exchange market, the regulated forex market is expected to start work later this month, according to an announcement by the head of the Majlis Economic Commission.  

Soltanzadeh said the briefing would, among other things, help augment members’ preparedness for operating in the new market. 

It is reported that the deals within the regulated market will be processed according to an “order driven” mechanism. 

Trade will be processed by authorized exchange offices and agent banks operating as brokerages.

Rules for launching the first-ever regulated forex market in Iran were approved in January by the Money and Credit Council – the top financial decision-making body headed by the CBI chief.  

Currency trade has been conducted in a limited manner in currency shops and the so-called integrated forex deals system known as Nima, which is a platform for exporters and importers to buy and sell currency. 

 

Iran regulated foreign exchange market Regulated Forex Market Currency Dealers