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Iran’s Central Bank narrows paying official rate dollar to importers

Business Materials 19 September 2012 12:20 (UTC +04:00)

Azerbaijan, Baku, Sep.19/ Trend F.Milad/

The Central Bank of Iran has recently ordered all the branches to pay the official rate of the dollar (12,260 rials) to importers to cover particular categories of goods.

The goods include red and white meat, livestock, corn, barley, soy bean, edible oil, sugar and milk powder, according to the Mehr news agency.

The Central Bank has categorised the goods which are to be imported into 10 overall groups based on which the official rate dollar is only allocated to the importers of the first priority category. Importers of other goods are paid in the dollar at higher rates.

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 programme 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 on the unofficial currency markets.

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