USD rate rises sharply in Iran

Business Materials 8 June 2011 18:16 (UTC +04:00)

Azerbaijan , Baku, June 8 / Trend/

USD exchange rate increased sharply on Wednesday to 12,150 rials In Iran's independent foreign exchange market, Mehr News Agency reported.

The USD sold at 12,150 rials in Tehran independent market while euro was exchanged at 17,500 rials.

Iranian banks avoid from supporting foreign exchange market by injecting more USD.

Despite balanced figures in recent days at Iran's gold coin and exchange market, the USD exchange rate fluctuated on Wednesday, an increase by 20 percent over the previous year.

The experts believe increase of liquidity in gold and foreign exchange market caused the recent chaos.

Previously the Governor of Central Bank of Iran said it takes exchange market under control and the CBI will not remain silent if the USD price reaches to 12,000 rials.