EghtesadOnline: After months of volatility, the foreign exchange market has embraced a forex plan unveiled by the government on Sunday.
EghtesadOnline: As markets await the official launch of the "secondary foreign exchange market" in the bourse, officials and merchants alike hope that the measure will provide some respite to the market where only the unified rate of 42,000 rials has been recognized by the government for the past few months.
EghtesadOnline: The government has agreed to consider a business community proposal to recognize a "secondary" foreign exchange market where rates are determined by supply-demand mechanism.
EghtesadOnline: The Central Bank of Iran issued a directive on Tuesday outlining new foreign currency rules for shipping and transit companies, as part of the government’s new measures to tighten control over the forex market.
EghtesadOnline: With its foreign exchange package now in full swing, the Central Bank of Iran says it is aiming to expand the influence of newfangled tools in the medium term and establish a formal foreign exchange market that ensures stability in the long run.
EghtesadOnline: As the fallout from the forex market volatility continued into Wednesday, the Cabinet approved a package by the Central Bank of Iran to stabilize the market and push speculators into a legal framework.
EghtesadOnline: The flawed management of foreign exchange market in Iran has led to damaging consequences for Iran’s economy, a former president of Iran Chamber of Commerce, Industries, Mines and Agriculture said.
EghtesadOnline: Governor of the Central Bank of Iran has reiterated that foreign exchange rates will continue to dwindle while saying “we do not insist on illogically bringing down the price of gold coins” in reference to the regulator’s recent announcement that a country-wide coin presale is to start from Feb. 4.
EghtesadOnline: Stocks had a relatively quiet week, as the forex market stole much of the spotlight as well as a large chunk of investors’ liquidity.
EghtesadOnline: Governor of the Central Bank of Iran Valiollah Seif assured markets on Monday that the big rally in foreign exchange rates is temporary and that the market will cool off.