U.S. dollar price falls in Iran's forex center

Business Materials 29 October 2012 10:41 (UTC +04:00)

Azerbaijan, Baku , Oct.29/ Trend F.Milad/

U.S. dollar was presented at the price of 25,350 rials in Iran 's foreign exchange center on Monday, IRNA reported.

Euro was also sold at 32,780 rials.

On Sunday, the US dollar and Euro were traded at the price of 25,410 and 32,890 rials, respectively.

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.

The price of dollar in the free market has not been announced this week.

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 governor Mahmoud Bahmani said in September.