Iranian center starts with 24,040 rials as base price for dollar

Business Materials 24 September 2012 17:15 (UTC +04:00)

Azerbaijan, Baku, Sep.24/ Trend F.Milad/

The Iranian foreign exchange transaction center was officially inaugurated today, setting the base price for the dollar at 24,040 rials, the Mehr news agency reported.

The center aims to create a balance between the official and free market rates of foreign currencies.

The Central Bank has announced the free market rate of dollar to be 24,530 rials. The official rate is 12,260 rials.

Central Bank Governor Mahmoud Bahmani said yesterday that the total foreign currency earned through selling petrochemicals, as well as 14.5 percent of oil revenues, and 2-10 percent of the National Development Fund's asset will be supplied through the center.

The base price for transactions will be lower than the free market rate, he noted.

The foreign exchange market is a form of exchange for the global decentralized trading of international currencies, in which a party purchases a quantity of one currency by paying a quantity of another currency.