- Banks to trade FX on the market!
CBI chair assures nation to have single rate FX by the current year end. A new directive, notified within a week, should allow banks to trade currency on the market. Exporters would be authorized to freely deposit or sell the currencies of trades.
“This shall be a huge leap towards a single rate on FX market.” Said Kamal Seyed Ali, former CBI’s foreign currency deputy. Smoothing currency operations, raising banking network as the main market player and increasing currency inflow are just a couple cases in point.