Iran’s Forex centre to regulate free market prices - minister
Azerbaijan, Baku, Oct.8/ Trend G.Mehdi/
The Iranian Foreign Exchange centre will soon manage to regulate the free market prices, the minister of industry, mine, and trade Mehdi Ghazanfari stated, IRIB reported.
Ghazanfari added that the centre can play a key role in reducing free market prices. The Forex centre was officially inaugurated don September 24 in Iran.
The new Foreign Exchange centre allows importers of goods to buy dollars at a rate two per cent cheaper than the street rate at any given time.
However, the government maintains an official reference rate of 12,260 rials to the dollar.
The government plans to use revenues from petrochemical sales and 14.5 per cent of its oil revenues to provide dollars for the centre.
The USD rate in Iran's open markets increased from 13, 000 rials to 25, 000 rials from the beginning of 2012 to min-September and then soared to 36, 000 rials in late September.
The USD rate in open markets is 28, 000 rial.