U.S. dollar presented at 25,470 rials at Iran's Forex Centre

Business Materials 16 October 2012 14:33 (UTC +04:00)

Azerbaijan , Baku, Oct.16 /Trend F. Milad/

The U.S. dollar was sold at the price of 25,470 rials on Iran's foreign exchange centre, while Euro was sold at 33,030 rials, Mehr reported.

The ISNA News Agency reported on Monday that the US dollar was sold at 35,500 rials on the free market.

The government set the 28,500 rials price for the free market, but the brokers still refuse to trade dollars at the aforementioned 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 centre was officially inaugurated on September 24 and some 1000 applications have been registered.

The new centre allows importers of goods including truck tyres, construction equipment and synthetic fibres to buy dollars at a rate of two per cent 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.