Governor of the Central Bank of Iran has provided further details about the new Forex Deals Integrated System, noting that it will reposition banks as the main market player, promote transparency and provide the needs of people.

According to Valiollah Seif, who was speaking on Saturday at a conference presided by President Hassan Rouhani, the online system–locally known by the acronym Nima–will consist of four main players.

They include importers of goods and services as customers of foreign currencies, exporters of goods and services as well as the government as oil exporter, mediators such as banks and money exchangers, and CBI, which will control priorities and set the ceiling of expenses by predicting resources and expenses, IBENA reported.

“Nima will provide real and comprehensive data on forex supply and demand, operate the system of providing forex, connect the procedures of foreign trade from registering orders to clearing goods, and cover the needs of people for travel, medical and educational purposes,” he said.

Seif further said the system will transform the current reactive approach of the monetary regulator into a proactive one, reassuring that it will be able to prevent any periodic and sudden fluctuations in the market.

“The role of money shops in the system will complement the role of banks while the system allows the regulator to prioritize forex allocation based on real requirements,” he said.

As Nima will have systematic control over forex expenses and provide operational guarantees to exporters, importers and the people alike, it will allow CBI to better prevent illegal imports.

“I hope that in view of the current dynamism and consensus that has emerged and with the support of other executive branches for the government’s decision, this scheme will lead to real stability and calm in the economy, allow businesses to operate without concerns and lead to major achievements in the current year,” he said.

Seif had recently announced that the integrated system will become fully operational from April 30, for which businesses and users are undergoing training courses to learn how to use the system.

Source:

2018, Online Forex System to Help Promote Transparency, Sunday, April 22, p.1,<https://financialtribune.com>