CBI’s Currency Exchange Centre (ICE) said on Tuesday that KRW has opened a new platform to allow exporters and importers to trade currencies.
ICE spokesman Asghar Balsini said KRW has an independent symbol on the market and has seven other highly traded currencies: the euro, the US dollar, the UAE dirham, the Chinese yuan, the Russian ruble, the Japanese yen and the Indian rupee.
Barisi added that Iran imported $580 million worth of goods and goods from South Korea in the year-to-late March and another $80 million in the quarter starting in late June, adding that the start of ice trade will help businesses working with partners in East Asian countries.
ICE was established in early 2023, primarily to allow CBIs to have better control over the exchange of foreign currency and how they are allocated to various government and public needs.
The Centre provides incentives to exporters to supply revenue to importers in the ice at rates accepted by CBI.
CBI can also allocate hard currency at large subsidized prices to basic goods and medical imports.
Currency prices on ice are up to 20% lower than interest rates used in the informal exchange market.
The ICE website was worth 670 Iranian rials on Tehran’s unofficial market on Tuesday, but has not officially announced KRW’s daily trading prices.
Balsini said ice trade would amount to $989.3 billion since the start of the current calendar year on March 21.
rhm/