Preparations for oil sales via IRENEX in final stages - official
By Trend
Preliminary preparations for offering Iran’s crude oil to buyers
though the national stock exchange is underway, an official with
Securities and Exchange Organization said.
Preparations to sell Iran’s export grade crude oil on the Iran
Energy Exchange (IRENEX) is underway, and the Iranian oil ministry
and IRENEX are currently finalizing their talks, Saeed Fallahpour
told Trend.
A set of instructions will be written for the firms interested to
trade oil on the exchange, he added, noting that the firms’
commitments and previous record will be taken into account.
The move to offer oil or any other goods on the exchange will be
aimed at helping the government to facilitate oil trade and
business transparency.
"We can use various tools to manage risk on the exchange," he
said.
Elsewhere in the interview, Fallahpour said plans are underway to
offer foreign currencies on the stock exchange as well to help the
government control the market.
"The government has launched a parallel secondary market, but
foreign currencies may be offered in the exchange market soon".
I think the best market to attract liquidity is the stock exchange,
the official said.
The secondary market was launched after the fall of the national
currency in Iran which provoked a public outcry over the quick rise
of prices of imported consumer goods.
In an effort to halt the slide, Iranian authorities announced in
April they were unifying the dollar’s official and black market
exchange rates at a single level of 42,000, and banning any trade
at other rates under the threat of arrest.
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