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U.S. dollar hits 24,500 rials in Iran

Business Materials 15 September 2012 16:37 (UTC +04:00)
U.S. dollar was traded at 24,500 rials in Iran’s unofficial market on Saturday, the Mehr news agency reported.

Azerbaijan, Baku, Sep.15/ Trend F.Milad/

U.S. dollar was traded at 24,500 rials in Iran's unofficial market on Saturday, the Mehr news agency reported.

Pound and Euro were also traded at 40,000 rials and 31,700 rials, respectively.

Each ounce of gold was sold at $1,771 in international markets.

Iran's central bank allowed trading in its currency at market levels after fixing the exchange rate in January as the threat of sanctions over the country's nuclear program and economic risks spurred Iranians to buy up dollars.

The bank on January 26 fixed the rate at 12,260 after the U.S. dollar surged to almost double that level in unofficial currency markets.

Iran's Central Bank Governor Mahmoud Bahmani has said that the central bank can not lower foreign currency prices continuously.

Some people are reaping (illegal) profits from economic renting, he said.

According to him, the official rate for the U.S. dollar will remain at 12,260 rials.

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