(MENAFN) Central Bank of Iran (CBI) has officially launched its currency and gold exchange center, which will have several trading halls for the exchange and supply of foreign currency and gold. The center was launched in a ceremony attended by the bank's officials, and the first phase of operation will include two halls: the Services Currency Hall and the Remittance Hall. The exchange center is established to increase the volume of official transactions, facilitate access to foreign currency and gold, and establish exchange rate authority.

According to CBI, the foreign currency that will be offered in this exchange will be provided through the exports of petrochemicals, copper, mining products, steel, oil products, bitumen, and other commodities. Amir Hamouni, the project manager of the gold and currency exchange center, said at the opening ceremony that Bank Melli Iran will play a central role in the implementation of the new foreign exchange policy. In the first stage, the work will begin with Bank Melli Iran, and later, exchange offices and other banks will also be connected to the system.

CBI Governor Mohammad-Reza Farzin announced on Monday that the center is opened with the aim of controlling market fluctuations and determining the rates based on the economic realities of the country. “Unfortunately, the current rate in the market is not the rate expected and accepted by us in the central bank”, the official lamented. The rate that will be discovered and announced in this center will be the base rate and pricing reference in the market.

“During the recent months, the central bank has tried to provide enough foreign currency for all the real needs of the country. According to this, in the current year, the currency provided in the NIMA System for importing all the goods needed by the country has risen 48 percent compared to last year”, Farzin further stated. Saying that in the current situation, the central bank will try to use all the past experiences in the field of currency, the CBI governor emphasized: “The use of past experiences is to minimize currency fluctuations, and God willing, we will see stability in the currency market.”

The new currency and gold exchange center is expected to bring stability to Iran's currency market, which has been volatile for some time. With the launch of the center, the CBI hopes to reduce fluctuations in the foreign exchange rate and control the market. The center will provide a reliable and secure platform for the exchange of foreign currency and gold, with the first phase of operation set to begin with Bank Melli Iran. In the coming months, other banks and exchange offices will be connected to the system.

MENAFN22022023000045014228ID1105617782