U.S. dollar sold at 25,450 rials at Iran's Forex centre

Business Materials 23 October 2012 12:24 (UTC +04:00)

Azerbaijan, Baku, Oct.23/ Trend F.Milad/

U.S. dollar was sold at the price of 25,450 rials in Iran's foreign exchange centre on Tuesday, while the Euro was sold at 33,217 rials, Mehr reported.

The new foreign exchange centre was officially inaugurated on September 24 and some 1000 applications have been registered.

Prices for foreign currency have not been announced for a few days now, according to Iranian media outlets.

The government has set the price of 28,500 rials for the free market, but brokers still refuse to trade the dollar at the aforementioned price.

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 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.

The Iranian government plans to use revenue from petrochemical sales and 14.5 per cent of its oil revenue to provide dollars for the centre, Central Bank Governor Mahmoud Bahmani said in September. He did not give an absolute figure for the amount of dollars to be supplied.

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