Iranian forex bourse to be launched soon:Iranian official

TEHRAN,Sept.19(MNA) - Infrastructures are ready to launch foreign exchange market in Iran in the near future, said the managing director of Iran’s Security Exchange Organization. Hassan Qalibaf-Asl told that a special working group has been formed by the Central Bank to study different aspects of the issue. He denied comments by the chairman of the Chamber of Commerce, Industries, and Mines of Iran, who said on Monday there is no plan on the agenda to launch foreign exchange market. For the time being, launching the market is out of the Central Bank’s agenda, Mohammad Nahavandian said. On September 5, Finance and Economic Affairs Minister Shamseddin Hosseini told the Mehr news agency that Iran’s foreign exchange trading market will be inaugurated by the end of the current calendar month of Shahrivar (September 21), aiming to create a balance between the official and free market rates of foreign currencies. The Central Bank of Iran has approved general outlines of launching a foreign exchange market, he added. 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.