What did the central bank do to reduce the currency and coin market bubble?
According to Iran Economist, in recent weeks, the currency and coin market fluctuated and the prices in these two markets increased. With the continuation of the upward trend of currency and coin prices, the prices in these two markets entered the bubble phase. Accordingly, the central bank put policies on the agenda in order to prevent the aggravation of this bubble. The most important actions of the central bank to prevent growth and reduce the price bubble in the coin and currency markets have been as follows:
1- The supply of the new design coin in the symbol of the new welfare design coin from the central bank’s sources in order to reduce the coin bubble
According to Iran Economist’s follow-up, about 50,000 coins have been offered to the people in this plan from Central Bank.
2- Issuance of the central bank’s coin bonds in the commodity exchange under the symbol of the predecessor of all central coins (central coin) in order to manage the demand in the gold and coin market.
In this plan, each 100 Central Bank coin certificates (equivalent to one gold coin of the new design) were sold to the applicants for 15,875,000 Tomans. These bonds were exempt from tax and were published in the stock market with a maturity of 6 months. The settlement price of Bahar Azadi coins, the daily price of the coin and its secondary transactions are possible on the stock exchange. According to the information that Iran Economist received from Central Bank, about 120,000 coins have been offered in this plan so far.
3- Issuance of the Central Bank’s foreign exchange certificates from 25/08/1401 with a maturity of three months in order to manage the foreign exchange market and prevent liquidity from being diverted from banks to the informal market.
The maturity of these bonds is three months, and the minimum and maximum purchase amount of bonds by any Iranian natural person over 18 years of age was set at the equivalent of 1000 dollars and 4000 dollars, respectively. According to Iran Economist’s inquiry from the central bank, people have bought foreign currency certificates in this plan so far.
The implementation of the above measures shows that the central bank has implemented various policies in recent weeks to prevent the growth of the bubble in the coin and currency markets. Examining these policies and comparing them with the policies implemented in the past periods shows that the central bank has also refrained from implementing the errors of the past periods such as the wide auction and far below the price of the central bank’s foreign currency and gold assets and managed the market emotions as an informed market maker. Is.