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Central Bank of Iran reduces USD exchange rate

Business Materials 2 July 2011 20:19
The Central Bank of Iran will reduce US dollar exchange rate to 10,500 rials to avoid price gap between independent foreign exchange market and official prices, Mehr News Agency reported quoting Governor of the Central Bank of Iran Mahmoud Bahmani as saying.

Azerbaijan, Baku, July 2 /Trend/

The Central Bank of Iran will reduce US dollar exchange rate to 10,500 rials to avoid price gap between independent foreign exchange market and official prices, Mehr News Agency reported quoting Governor of the Central Bank of Iran Mahmoud Bahmani as saying.

The official price of 1 US dollar reduced to 10,638 rials Saturday while it traded 11,600 rials in independent foreign exchange market.

"The Central Bank of Iran is sensitive toward illegal entrance and exit of foreign exchange, the CBI will control foreign exchange market," he said.

The CBI strategy is to reduce USD rate to 10,500 rials to fight gap between official prices and independent foreign exchange prices.

The CBI approach to increase of prices has led to uncertain growth in USD exchange rate however the Governor of CBI indicates the approach was a test to see the range of official and independent market.

Cut of foreign currency supply have recently resulted in increase of dollar rate and gold coin prices on the market.

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