Banks encouraged to resume forex trade now that sanctions lifted

EghtesadOnline: Governor of the Central Bank of Iran (CBI) Valiollah Seif said on Sunday that Iranian banks were authorized to resume their forex trade, the ordinary operation prevented by international sanctions so far.

News ID: ۷۳۸۴۱۹

05 December 2016

Seif said that Iranian banking system is required as per the CBI directive on August 1 to do business in foreign currencies in free exchange rates, IRNA reported.

Under the CBI directive, the banks will take leadership from the private exchange shops.

Deputy Governor of the CBI for Foreign Exchange Affairs Gholam-Ali Kamyab says the responsibility for commercial exchange settlements in the market, which used to be handled by banks, were delegated to the exchange shops due to the sanctions on the banking system.

Seif told a group of bankers and international affairs directors of the banking system, that they would resume operations in foreign currency thanks to lifting the sanctions.

Seif said banks can re-activate their forex section, thus reaping good amount of income, minimizing operation risk of the economic activists and making foreign payments and foreign trade safer.