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Official: Falling dollar exchange rate will harm Iran’s exports

Business Materials 20 September 2013 16:12 (UTC +04:00)

Azerbaijan, Baku, Sep.20/ Trend F.Karimov/

The fall of the dollar exchange rate against Iranian rial would decrease Iran's exports, ISNA quoted Iranian chamber of commerce member Avaz Mohammadi Parsa as saying.

He added that the real exchange rate is 32,000 rials, adding that a reasonable rate is between 31,000-33,000 rials.

"If it goes lower, then it will be harmful to country's exports," he said.

The free market dollar exchange rate hit 30,900 rials on Thursday.

The recent fall in the dollar exchange rate is due to President Hassan Rohani's visit to New York, Parsa said, predicting that the exchange rate will rise again.

Some 30 percent of the dollar exchange rate fluctuation is due to political developments in the country, he noted.

On July 6, Iran's central bank eliminated a subsidized, cheaper rate for foreign currency and reported a weaker official rate in its place.

The central bank on its website listed the price of a dollar at 24,779 rials, which is being offered at the Tehran Forex Center.

The Iranian rial has lost much of its value in the last two years, under pressure from international sanctions over Tehran's disputed nuclear program that have limited the country's oil sales, cut its access to the global banking system, and made it more difficult for it to earn foreign exchange.

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