EghtesadOnline: The Supreme Council of Economic Coordination extended the authority of the central bank governor, Abdolnasser Hemmati, for one more year to intervene and regulate the foreign exchange market, the government spokesperson said at the weekend.
EghtesadOnline: A former governor of the Central Bank of Iran says the regulated foreign exchange market would be a significant step by the CBI toward a single rate currency.
EghtesadOnline: A report by Tehran Chamber of Commerce, Industries, Mine and Agriculture shows the foreign exchange market recorded the highest return in the previous fiscal (March 2018-19) compared to a year earlier.
EghtesadOnline: As the Central Bank of Iran struggles to stabilize the foreign exchange market – a colossal task that has long exacted energy and focus of the regulator – some argue that the CBI’s disproportionate focus on controlling the demand side of forex could ultimately do more harm than help.
EghtesadOnline: As stability in the foreign exchange market takes hold, gold prices are also following suit. The benchmark gold coin market dropped again on Tuesday and fetched around 33 million rial ($335), down from 34 million rials a day earlier.
EghtesadOnline: Economic experts have commended the monetary and banking measures taken by the Central Bank of Iran to augment transparency and stability in the foreign exchange market, emphasizing that such measures should continue along with other supplemental policies.
EghtesadOnline: The Central Bank of Iran said after the creation of the secondary foreign exchange market – known by its Persian name Nima – in late April, €6.8 billion was sold by it for imports.
EghtesadOnline: The Central Bank of Iran on Wednesday allowed currency exchange houses to sell hard currency up to €5,000 to anyone wanting to buy as the bank struggles to stabilize the foreign exchange market.
EghtesadOnline: The rial on Monday pared more of its losses in the open foreign exchange market and was traded at around 154,830 to the US dollar.
EghtesadOnline: The government on Saturday authorized the central bank to intervene in the foreign exchange market to prop the rial after the currency fell to record lows in recent weeks against major currencies.