Iran’s cenbank launches forward market for forex trade
The Central Bank of Iran (CBI) has launched a forward market for foreign currency trade amid efforts to encourage exporters to increase their supply of hard currency to importers.
CBI's Center for Exchange of Currency and Gold (ICE) held a ceremony on Wednesday to officially launch the “Forex Forward Market”, according to a report by the official IRNA news agency.
The report said that the market would become a new tool in CBI’s toolbox to finance large economic projects in Iran and would ease the access of Iranian importers and manufacturers to the hard currency they need.
The CBI has introduced an array of policies to encourage the return of Iran’s non-oil export proceeds amid US sanctions that restrict the country’s access to hard currency.
CBI governor Mohammad Reza Farzin estimated that some $3 billion worth of hard currency could be available for trade in the new forward market.
Farzin said that the CBI had also sold more than $450 million worth of forex sukuks (Islamic bonds) as part of a $2-billion tranche of such sukuks that are planned to be sold until the end of the calendar year to late March.
He said that Iran’s ministry of trade would vet exporters that are qualified to participate in the forex forward market.
Latest figures from the ICE show that the center has processed more than $10 billion worth of hard currency allocation to imports into Iran since late March, including more than $2 billion worth of heavily-subsidized currency earmarked to imports of basic goods and medicine.
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