Iran to Launch Secondary Currency Market in Coming Days: CBI Chief

Governor of the Central Bank of Iran (CBI) Valiollah Seif announced that the country plans to establish a secondary currency market in coming days as the Iranian rial has plunged to an all-time low against the US dollar.

Speaking to reporters on the sidelines of a meeting with parliamentarians in Tehran on Monday, Seif said a detailed plan for the secondary foreign exchange market has been devised.

The creation of this market will prevent the creation of indefinite rates offered by unauthorized brokers, he said.

The head of the CBI added that a system is going to be developed to identify all goods and commodities that have been imported using US dollars at a rate of 42,000 rials.

Seif went to say that with the implementation of this system, importers of those goods cannot sell them at higher prices.

The decision came after a special meeting was held by the administration’s officials to control the fall of the national currency.

The Iranian rial, once again, plunged to a record low against the US dollar on the unofficial market on Sunday.

The dollar was being offered for as much as 87,000 rials, compared to around 75,500 on Thursday, the last trading day before Iran’s weekend, according to foreign exchange websites, which track the unofficial market.

The collapse of the national currency has provoked a public outcry over the quick rise of prices of imported consumer goods.