Iran central bank reduces currency exchange rates
Azerbaijan, Baku, Oct. 4/ Trend M. Moezzi, S. Isayev/
Iran's Central Bank has dropped the exchange rates for the foreign currency it sells at a new foreign exchange center, the Islamic Republic News Agency (IRNA) reports.
The bank set the dollar's price at 26,518 rials, 2,020 rials below yesterday's rate, and the euro was set at 34,272 rials compared to 34,470 rials.
Turkey's lira is priced at 14,695 rials today, 2,050 rials less than yesterday, while the United Arab Emirates' dirham cost 7,220 rials versus 7,270 dirhams a day earlier.
Head of Iran's National Union of Gold and Jewelry rates Mohammad Keshti Aray said today that the exchange rates are falling down again, as dollar now costs from 30,000 to 31,000 rials, Mehr reported.
Speaking of gold coin prices, he said that it the prices currently vary between 1,500 000 000 rials to 1,200 000 000 rials.
The Iranian government launched the Iran Forex Center officially on September 24 in an unsuccessful effort to stop the rial's plunge in value.
But despite the government's attempts to stabilize it, the rial lost as much as 40 percent of its value over the course of several days this week.
The new foreign exchange center allows importers of goods, including truck tires, construction equipment and synthetic fibers to buy dollars at a rate two per cent cheaper than the street rate.
In the aftermath of the rial's steep devaluation, Tehran's Grand Bazaar closed yesterday as people at the market burned tires and shouted slogans against the government.
The Bazaar will go back to business on Saturday morning with a greater law enforcement presence.