New York    London    Hong Kong    Tokyo    Sydney 
Login with:

Bloomberg » News

19 March 2012
Iran Central Bank Says Rial Can Be Traded at Market Rates

Iran’s Central Bank, which had fixed the national currency at 12,260 to the dollar in a bid to stabilize it, said traders are once again allowed to buy and sell at market rates.

“Licensed exchange houses are given permission to buy and sell foreign currencies and answer customers’ needs based on the mechanism of the market’s supply and demand,” the central bank said in a statement posted on its website.

The announcement follows a meeting between central bank officials and representatives of the Association for Exchanges of Iran, according to the statement. The bank’s deputy governor for foreign-currency affairs, Minou Kianirad, wasn’t available to comment after a phone call to her office.

The move marks an easing of the institution’s stance after it fixed in January the rate of the rial to the dollar, a devaluation of about 8.5 percent, and barred transactions in unofficial currency markets where the rate had soared to almost twice that level. The drop had been a result of Iranians’ rush to buy dollars on concern the government may be unable to maintain economic stability amid international pressure and tighter financial sanctions on Iran.

Under the Jan. 26 decision, Iranians’ demand for foreign currencies had to be met through banks or licensed exchange houses selling dollar at the official rate. The restrictions didn’t succeed in recent weeks in halting transactions on the black market at rates close to 20,000 rials to the dollar.

Central Bank Governor Mahmoud Bahmani said in a meeting last week with the Association for Exchanges that the bank backed exchange houses’ ability to use market rates and that it was necessary for currencies’ rates to be “real,” the Donya-e- Eqtesad newspaper reported March 15.

The Association for Exchanges listed the market rate at about 19,050 rials at 11:45 local time today. The rate indicated is for information and transactions are carried out based on agreement, it said on its website.

Latest forex news

2 September 2012   Bloomberg
Brazilian Real Advances on Economic Expansion; Swap Rates Rise
Brazil's real rallied the most in almost a month after Federal Reserve Chairman Ben S. Bernanke said he wouldn’t rule out more stimulus and a report showed Brazil’s economy grew at the fastest pace in a year.
15 August 2012   Bloomberg
Euro Advances Against Yen Amid Spain Financial Aid Speculation
The euro advanced against the yen for a third day as European Economic and Monetary Affairs Commissioner Olli Rehn signaled that Spain is considering asking for an international bailout to curb borrowing costs.
30 July 2012   Bloomberg
Euro Weakens Versus Peers Before Confidence, Jobless Data
The euro fell for the first time in four days against the dollar and yen after Spain’s recession deepened, adding to concern the region’s fourth-largest economy will struggle to bring down its debt levels.
24 July 2012   Bloomberg
Euro Weakens for 5th Day Against Yen on Europe Concern
The euro weakened for a fifth day against the yen, the longest losing streak since May, amid speculation Europe’s sovereign-debt crisis is threatening to engulf Spain and Italy.
18 July 2012   Bloomberg
Dollar Index Within 1% of Highest in Two Years Before Bernanke
The Dollar Index traded within 1 percent of a two-year high before Federal Reserve Chairman Ben S. Bernanke testifies to Congress for a second day.
 
Sun Mon Tue Wed Thu Fri Sat

13 September 2012   Reuters
Japan MOF's Nakao: latest FX moves speculative, unacceptable
The latest currency moves are clearly speculative, Japanese currency tsar Takehiko Nakao was quoted as saying by Jiji news agency on Thursday, issuing a fresh warning to markets against pushing up the yen too much.
12 September 2012   CountingPips
“Desperate” Central Banks “Should Benefit Gold”, German Court Backs Bailout Fund
THE SPOT MARKET gold price touched a new six-month high at $1746 an ounce Wednesday morning, while stocks and the Euro also rallied following a ruling by Germany’s Constitutional Court cleared the way for the creation of a permanent Eurozone bailout fund.
9 September 2012   XE
Russia's VTB may boost capital with new shares in 2013
Russia's second-largest lender VTB may carry out an extra share issue in 2013 to prop up its capital after prospects for such an issue this year had evaporated, Chief Executive Andrey Kostin said.
8 September 2012   Top Forex News
ECB Bond Buying & US Payrolls Lead to Fourth Weekly Gain of Euro
The euro jumped this week, posting the fourth consecutive weekly gain. The major driving factors for the rally were the policy meeting of the European Central Bank and US nonfarm payrolls that came out worse than expected.
7 September 2012   ForexNews
Aussie and Euro Get Big Boosts from Chinese, ECB Stimuli
While the Australian Dollar and the Euro are leading the charge higher against the traditional safe havens, the Japanese Yen, the Swiss Franc, and the US Dollar, Gold and Silver have sold off a bit through the Asian and European sessions.

Forex Daily News at News-Ratings.com. News-ratings.com was founded in 2006. Since then it's been developing as a forex news source meeting the needs of forex traders of all levels. The site features rating of the best forex news sites. Daily forex news from hottest web forex sources are available here: all forex for you in one spot. Forex news analysis and opinion sharing is available to the news-ratings.com visitors. They are free to give feedback about forex news sites by placing rating votes and commenting. Forex beginners and forex experts are all welcome to news-ratings.com, as here they will easily find basic and actual information on forex trading: world currencies (usd, eur, etc.), trends, important political and economical events working as indicators on the financial markets. No matter which forex strategy and forex trading system you choose, forex news is always the factor that cannot be left out. News-ratings.com is integrated with a variety of social media – Facebook, Twitter, Google, LinkedIn, MyOpenID, Flickr, AOL. The cornerstone of our fx trading news rating is customer choice. We use a clear and easy to understand rating method based on hands-on figures and calculated in real-time operational mode. The feedback that we receive from forex traders is unbiased. The credibility of forex news rating results is guaranteed by a well-developed protection system. Each month the previous results are being cleared off. News-ratings.com provides communication and interaction strategies between rating participants and target consumer group. This is done by means of rating votes, commenting, FAQ. News-ratings.com team keeps continuously searching and listing best forex news providers, as new forex info and analytics sources are emerging on the market on a regular basis. Independent evaluation of every rating participant adds to forming an objective opinion about them. News-ratings.com administration system allows us to store and analyze information on every fx news site that has ever participated in our rating. News-ratings.com proves that forex market can be open, informative and transparent. We do not process the initial forex information in any way and deliver it to our customers "as is". Our visitors are those who decide which rating member is on top today.

This material may not be published, broadcast, rewritten or redistributed, unless authorized by the editor.
© 2006-2012 News Ratings