Iran forex center trades surpass $1.3 billion

Business Materials 4 November 2012 12:46

Azerbaijan , Baku , Nov.4/ Trend F.Milad/‎

Over 4000 requests worth some 1.3 billion dollars have been submitted in Iran's Forex center so far, Arsalan Fathipour, the Chairman of the Majlis Economic Committee said on Sunday.

Only 300 million dollars of the requests are in US dollar, the Fars News Agency quoted Fathipour as saying.

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.

U.S. dollar was sold at the price of 25.225 rials in Iran's foreign exchange center on Sunday.

Euro was also traded at 32.379 rials, the IRNA News Agency reported.

US dollar and Euro were traded at the price of 25.225 and 32.704 rials, respectively on Saturday.

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. 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.