Source: Tehran Times
Iran's foreign exchange trading market will be inaugurated by the end of the current calendar month of Shahriver (September 21), aiming to create a balance between the official and free market rates of foreign currencies, the ISNA News Agency reported.
The Central Bank of Iran has approved general outlines of launching a foreign exchange market, Finance and Economic Affairs Minister Shamseddin Hosseini told the Mehr News Agency.
U.S. dollar, euro, and pound were traded at 21,830 rials, 27,600 rials, and 34,900 rials in Iran's unofficial market on Tuesday, compared with official rates of 12,260 rials, 15,513 rials, and 19,552 rials, respectively.
President Mahmoud Ahmadinejad has ordered for the establishment of the foreign exchange market.
The foreign exchange market is a form of exchange for the global decentralized trading of international currencies. In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying a quantity of another currency
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