Iran’s forex center sells U.S. dollar at 23,990 rials

Business Materials 29 September 2012 14:05

Azerbaijan, Baku, Sep.29/ Trend F.Milad/

Iran's foreign exchange center sold U.S. dollar at 23,990 rials today, compared to 26,920 rials in the free market, the Mehr news agency reported.

Euro was also sold at 30,844 rials, compared to 34,800 rials in the free market.

Iran's foreign exchange transaction center was officially inaugurated on Monday.

The center allows importers of goods to buy dollars at a rate 2 percent cheaper than the street rate at any given period.

The government maintains an official reference rate of 12,260 rials to US dollar, but only a limited amount of foreign exchange is available at this rate.

The government plans to use revenues from petrochemical sales and 14.5 percent of its oil revenues to provide dollars for the center, central bank governor Mahmoud Bahmani said ealier.

He did not give an absolute figure for the amount of dollars to be supplied.

"With the distribution of currency in this center, the exchange rate in the market will go down, because some of the demand (for dollars) will be met in this center and the pressure of demand will be removed," Bahmani was quoted as saying.