Iran: Foreign Exchange Trade Starts at Negotiated Rates

The secondary foreign exchange market started working in earnest on Tuesday, with reports suggesting that the first trading at a negotiated exchange rate was almost equivalent to that of the open market rate.
Mohammad Mehdi Raeiszadeh, a banking advisor to Iran Chamber of Commerce, Industries, Mines and Agriculture, said exporters and importers agreed on an exchange rate close to 80,000 rials for hard currency earnings of some non-oil exports, IBENA reported.
The news marks a victory for campaigners seeking a free market approach in the secondary market, which initially faced the threat of government rate controls.