We cover all currency demands
According to the report of Iran Economist, the 10th annual resistance economy conference was held in Iran’s gold and currency exchange center with the theme of currency governance, stability and economic prosperity.
In this event, Ali Saeedi, CEO of the Gold and Currency Exchange Center, stated that we try to answer all the real and effective foreign exchange demands in this center, and said: We also use tools such as currency futures and currency futures in this market.
The CEO of Iran’s Gold and Currency Exchange Center said: Our effort is for the currency exchange center to reach the authority to determine the price and the final price of the currency, and all people should apply for their requests and accept this authority.
Saeedi also said: the foreign exchange center wants to provide currency for real demands and help the predictability of the exchange rate and the economy, while also responding to the currency needs of the society, so as to reduce the recourse to the informal market.
He also stated that emotions and fear of the future cause currency price fluctuations and said: There are always fluctuations between the dollar and the euro, but the important thing is how to manage these fluctuations so that the future can be planned and predicted for economic operators.
The CEO of Iran’s Gold and Currency Exchange Center said: We are looking to provide a possibility for people who have real needs, such as traders, exporters and importers, to meet their needs in the exchange center and to manage currency risk in this center. Of course, some people like risk and we want to cover the risk in international markets as well.
He pointed to the currency futures contracts and said: the future price is always higher than the cash price of the currency and this is to avoid the opportunity of arbitrage or exchange rate differences in the future and if we can implement this tool, we can use the currency futures contracts and the future price. let’s find
Saidi also pointed out this important point: the discussion of collective knowledge and financial literacy in society is very important and the understanding of the general public and intermediaries such as the media about the currency market is very important because the media shape the perception of the society and if it has a correct picture of the currency situation They can also shape the taste of the society.
The CEO of the Iran Gold and Currency Exchange Center called the other issue investment and financing bonds and said: Central Bank wants to answer all real demands and the demands can be planned in advance. At the same time, we also want financing bonds for the companies in this center. publish
Saeedi mentioned an industrial company that wants to invest 16 billion dollars for its projects in the next two or three years and develop activities, which alone cannot determine this figure, but must use foreign currency financing.
He said: We do not rely only on public currencies, but we also want to use foreign private currencies. In 1979 and 1980 and even before that, 47 international currency bonds were released in the market and these bonds can be used for foreign currency financing with the help of the Central Bank.
In this event, Mohammad Taher Rahimi, an economic expert, said: while the country’s trade balance, including oil, is 15 billion dollars positive, but we are still experiencing currency fluctuations, of course, we did not experience a currency jump in the second half of this year, which is a source of happiness, but in a country that in some years We have a positive trade balance of 30 to 40 billion dollars, but there is currency fluctuation.
This economic expert said: The reason for the currency fluctuations is the exit of foreign currency from the country and the other is the smuggling of goods.
He said: When we talk about the currency market, we should also pay attention to the efficiency of the currency market, and the single currency rate depends on the efficient market. In that case, the currency price reflects the intrinsic value of a commodity such as currency in the market.
Also, Mino Kianirad, the former vice president of foreign exchange of the central bank, said in this conference: “At present, we have several official exchange rates in the country, and if the exchange center can collect currency purchase ceilings and respond to precautionary demands, it can manage the informal environment of the foreign exchange market. .
He said: There is a demand for speculation everywhere in the world, but it is important to manage it.
Mohsen Abolhasani, a foreign exchange expert, said in this meeting: The Central Bank is the main authority for currency policy and should move towards a single currency rate, but the issue is what size and volume the market maker has in the market and how influential it can be and give a signal to the market.
Abolhasani also said: the share of the informal market in the demand for foreign currency is less than one percent, but there are factors behind the scenes that give it a signaling role. On the other hand, smuggling imports also help in increasing the demand for foreign currency in the open market, which is said to be between 6 and 7 billion dollars and some statistics up to 15 billion dollars are smuggled.
This expert said: Some people remove the same currency from the exchange cycle and hoard it and remove it from the flow of the economy, and the exchange center should be able to respond to more than 60 types of foreign exchange demand.
Abolhasani stated that the root of the problems is multi-rate currency and said: It is suggested to move towards single-rate currency, which is like a surgery that should be done in the economy.
He also called for deepening the currency exchange market and said: If we want to solve the currency problem, one root of the currency market is in the rial market, we must have stability in decisions, and the economy should be predictable for economic activists, and the economy and currency do not accept orders from anyone.
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