Bank-affiliated exchange bureaux are required to cut the cost on money transfers in order to facilitate currency deals in banknote and hawala, the Central Bank of Iran reported on its website.
The plan was announced Thursday during a meeting held by CBI to coordinate the activities of bank-affiliated exchange bureaux with the regulator to curb forex rate volatility.
The meeting was attended by Gholamreza Panahi, the CBI deputy for forex affairs, directors of bank-affiliated exchange shops and other authorities pertaining to foreign exchange affairs in the CBI.
Regarding the need for a stable forex market, Panahi called for a bigger role for bank-based exchange shops in managing and regulating the forex market in the new fiscal (started March 21).
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