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Major currencies fall in Iran’s free market

Business Materials 21 August 2013 16:46 (UTC +04:00)

Azerbaijan, Baku, Aug.21/ Trend F.Karimov/

U.S. dollar, euro, and British pound fell against Iranian rial today in Iran's free market compared to Tuesday, the Mehr News Agency reported.

U.S. dollar was sold at the price of 31,000 rials compared to 31,450 rials the day before. Pound was also presented at the price of 48,700 rials compared to 49,000 rials. Euro was sold at 41,300 rials compared to 41,700 rials on Tuesday.

On July 6, the central bank of Iran on its website listed the price of a dollar at 24,779 rials. That rate replaced the previous official "reference" rate of 12,260 rials to the dollar.

Since January 2012, the Iranian government had maintained a subsidized rate of 12,260 rials to the dollar, meant to be used for importing the most vital goods such as food and medicine.

Iranian new president Hassan Rohani, who succeeded former President Mahmoud Ahmadinejad, has said he seeks to revive Iran's economy by improving relations with the world and seeking relief from economic and financial sanctions.

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