Failure to register currency transactions in some exchanges
According to Iran Economist, the country has been involved in a severe currency war for more than two decades, the effects and consequences of which are visible on people’s tables. In the meantime, apart from the conspiracies of the enemy and the occasional betrayals of some internal elements, this currency war has a double effect.
The currency war has several dimensions; The governing body of the central bank, which is responsible for provisioning, policymaking and supervision, the trading body of the exchange, which is responsible for the implementation of policies and the accurate execution of transactions, and the people and customers who determine the needs of the market. If each of these components do not do their job properly, there will definitely be challenges beyond the enemy’s conspiracy.
In the meantime, the role of the currency trading institution or the exchanges is very colorful and they can affect the peace of the market by performing their duties accurately and diligently. But sometimes with indiscipline and violations in some exchanges, we witness the creation of mental and psychological chaos in the society.
Non-registration of transactions, overselling, unsupported transactions and several other cases are among the violations that various reports reach the media or regulatory bodies through public channels. For example, according to one of the public reports reached to Iran Economist, the Ferdowsi Exchange located on Ferdowsi Street, which apparently is one of the old exchange offices, which operates with the dual license of the Central Bank and the Union of Exchangers, is in violation of the law of unregistered transactions and overselling. and naturally due to the lack of providing receipts and documents to customers, they face problems in their lawsuits.
Following the receipt of this popular report and follow-ups by Iran Economist from Donahad Nazer, we were surprised to see the expression of the inability of the supervisory body of the money changers’ union, that despite having a summary of this body, it is not possible to deal with and seriously investigate the alleged violators. The central bank, as the highest supervisory body, announced the occurrence of numerous violations in exchange offices and considered the closure of more than 100 exchange offices as an example of the efforts of their colleagues in organizing this trade, but dealing with this kind of violations is based on documentation that, naturally, the general public has little knowledge. And sometimes the common people do not have these documents and leave the hands of these violators to continue their violations.
In this situation, revising the regulatory rules and increasing public warnings for people who are forced to trade with exchanges for any reason can help to return calm to a part of this noisy market.