Iran Opens Secondary Forex Market Aiming to Ease Dollar Shortage

according to Iran has launched a secondary market for foreign exchange to ease a dollar shortage ahead of the return of U.S. sanctions. It's also meant to discourage exporters from selling their dollars on the black market, and to create a mechanism to avert dramatic rate fluctuations, according to the Donya-e-Eghtesad newspaper. To try to contain the rial's decline and curb a thriving black market for dollars, Iranian authorities unified exchange rates to 42,000 rials to the dollar and imposed restrictions on foreign currency trade. Authorities expect the new market will push unlicensed traders to bring their dollars to market, for fear the secondary exchange's activities will lower prices, state-run Mehr news agency reported Tuesday. But because the new market doesn't answer the foreign currency needs of other segments of society, like travelers, the black market will continue to influence prices, said Mohammad Lahouti, the head of the Iran Export Confederation, in comments to Donya-e-Eghtesad.

Forex Market Outlook for the Week August 6 – 10, 2018

In addition, the Fed made a few minor tweaks to the rate statement. Here is an outlook on a few key data:#1: Australia RBA Rate Statement (08/07/2018 Tuesday 04:30 GMT)The Reserve Bank of Australia the Rate Statement on the first Tuesday of every month, excluding January. #8: New Zealand RBNZ Rate Statement (08/08/2018 Wednesday 14:30 GMT)The Reserve Bank of New Zealand releases the Rate Statement eight times in a year. It is the central bank's primary tool to communicate with investors as regards the monetary policy. Forecast for July 2018: an increase of 0.2 percent#11: Australia RBA Monetary Policy Statement (08/10/2018 Friday 01:30 GMT)The Reserve Bank of Australia releases the Monetary Policy Statement on a quarterly basis.

Is the Forex Market Ready to Go Blockchain? Some Banks Don't Think So

As it stated in By Stephen O'Neal Is the Forex Market Ready to Go Blockchain? Some Banks Don't Think So9669 Total views 179 Total sharesAnalysisOn July 27, the foreign exchange trading market (forex) settlement powerhouse CLS reported it was in the final stages of testing its blockchain payment service for banks. Brief introduction to forex and CLS systemForex is a worldwide market where convertible currencies are traded and their conversion rates are determined. Given the fact that forex relies on over-the-counter type deals, larger participating players — i.e., international banks — strive to mitigate the settlement risk associated with their forex transactions. CLS's relationship with blockchain, IBM and R3CLS is by no means new to the concept of blockchain.

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