MNA – The Central Bank of Iran is planning to launch the Integrated Forex Deals System (Persian acronym for Nima) by mid-August.

In a meeting held between CBI Governor Abdolnasser Hemmati and the head of the integrated forex market, Mahmoud Shekasteband, on Saturday, the top officials reviewed the latest developments regarding the implementation of the new deal system.

According to CBI's official website, during the meeting, it was decided to launch the long-awaited system in two weeks.

Integrated Forex Deals System -- Nima -- is a platform where exporters sell their currency earnings to companies importing non-essential goods.

The new deal system’s activity is expected to have a positive effect on the foreign currency market and help calm the foreign exchange market's fluctuations.

Iran’s market has been experiencing fluctuations in the value of foreign currencies and gold coin prices since summer 2018.

The unified currency market can handle and ease the flow of money to and from banks and currency exchange stores.