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USD falls at Iran's forex center on Monday

Business Materials 12 November 2012 09:49 (UTC +04:00)

Azerbaijan, Baku , Nov.12/ Trend F.Milad/

U.S. dollar price fell at Iran's foreign exchange center on Monday, sold at the price of 24,920 rials.

Euro was also presented at 31,720 rials, the Mehr News Agency reported.

Previously the US dollar and Euro were traded at the 24,950 and 31,709 rials previously.

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.

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. 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.

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