USD price falls on Iran's free market

Azerbaijan, Baku, Nov.13/ Trend F.Milad/

The U.S. dollar price keeps falling on Iran's free market, resulting in it being sold at 29, 600 rials on Tuesday. The Euro was also traded at 39,000 rials, the Mehr News Agency reported. Each Azadi gold coin was also sold at 12.1 million rials.

The U.S. dollar was traded at the price of 24,950 rials on Iran's foreign exchange centre on Monday, while the Euro was sold at 31,709 rials.

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

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.

The Iranian government plans to use revenues from petrochemical sales and 14.5 per cent of its oil revenues to provide dollars for the centre, Central Bank Governor Mahmoud Bahmani said. 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.

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