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Code: 50128 Visited: 56 Publish Date: Jul 01 2018 - 1:57
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Capital Market
Export Currency Certificates Ready for Trade
Tehran, Jul. 01 (SENA) - Following the sharp devaluation of the Iranian rial in the past 6 months, the government announced the unification of the two-tier dollar exchange rate at 42,000 rials and called any other rate illegal.

Tehran, July. 01 (SENA) - Following the sharp devaluation of the Iranian rial in the past 6 months, the government announced the unification of the two-tier dollar exchange rate at 42,000 rials and called any other rate illegal. The government pledged to provide the essential hard currencies like dollars and euros for underlying needs of the country. Obviously enough, a black market was formed to answer the excess demands, where the rate of one dollar spiked, supposedly, as high as 90,000 rials.

The government also demanded state-related entities with exporting revenues to sell their reserves of foreign currency to the government at the official rate within six months, but they were reluctant to do so. On the other side, importing entities claimed that the government is not fulfilling their currency needs.

To provide a transparent platform, where exporting companies can sell their currencies at a fair price to importing entities, who are desperately looking for sources of currency at a reasonable price, the Central Bank of Iran with collaboration of Securities and Exchange Organization decided to let the currency certificates of exporting entities to be traded at a premium in one of the exchanges. The premium will be discovered through an auction mechanism.

In this regard, Central Securities Depository of Iran opened the ticker symbols for euro-denominated certificates and announced that they are ready for trade.

Chief Executive of SEO Shapour Mohammadi mentioned that eligible exporters and importers to trade will be determined by the government and the central bank, but other parties can also be permitted in the next stages. Regarding the regulations, Mohammadi noted that underlying rules of trading apply with some additional guidelines provided by the Central Bank as the monetary policymaker of the country.

The SEO and CBI are having daily meetings to finalize the details. “Microstructures of these trades e.g. trading hours, auction period, fluctuation range, lot sizes, and eligible parties will be decided upon by involved bodies and communicated accordingly,” he added.

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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