U.S. dollar offered at 25,480 rials in Iran's forex center
Azerbaijan, Baku, Oct.10/ Trend F.Milad/
U.S. dollar was offered at the price of 25,480 rials in Iran's foreign exchange center, Mehr reported.
Euro was also presented at 32,760 rials, the Mehr News Agency reported. The forex center had traded dollar at the same price on Tuesday.
The government has set the 28,500 rials price for the free market but the brokers still refuse to trade dollar at the mentioned price.
Last week, a number of people held a demonstration near the Grand Bazaar of Tehran, using the sharp fall in the value of the Iranian rial as a pretext.
According to reports, businessmen are unhappy about the performance of the administration in regulating the foreign exchange market, saying it has caused instability in prices.
The new foreign exchange center was officially inaugurated on September 24 and some 1,000 applications have been registered at the center.
The new center allows importers of goods including truck tires, construction equipment and synthetic fibers to buy dollars at a rate 2 percent cheaper than the street rate at any given time.
The government maintains an official reference rate of 12,260 rials to the dollar, but only a limited amount of foreign exchange is available at this rate.
Iranian government plans to use revenues from petrochemical sales and 14.5 percent of its oil revenues to provide dollars for the center, central bank head Mahmoud Bahmani said.
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.