Forex Transactions

One of the crucial operational sections in the currency sector is forex transactions. Various types of forex transactions, deposit and withdrawal operations by correspondents, and currency transfers aimed at adequately covering currency commitments to other banks, generating foreign exchange profits for the bank, or properly managing currency funds in correspondent accounts are anticipated in this section.

Transactions are registered in separate forms based on whether the transaction is currency against Rial or currency against currency, and the relevant data items are collected and maintained for subsequent stages and necessary reports. The transactions section of banks has undergone significant changes over time and with changing international conditions.

For example, a specific type of transaction related to providing currency for the import of goods and services is currently prepared in the interbank transactions section so that banks can record related purchase and sale details, including related order registrations.

Additionally, with the formation of diverse markets such as NIMA and open markets, it is now possible to register more comprehensive information with relevant controls applied within the system. Preparing the bank’s foreign exchange position report based on the executed transactions is anticipated in this section.

In the deposits section, operations for opening, renewing, and canceling deposits received and granted by correspondents, along with paying/receiving interest for various periods, are performed. Interest accrual calculations for deposits are automatically done at specified intervals.

Recording information on currency transfers in correspondent accounts is another part of the system used for managing funds and covering commitments.