USD sold at 24,925 rials at Iran's Forex centre

Business Materials 13 November 2012 15:24

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

U.S. dollar price was sold at the price of 24,925 rials at Iran's Forex centre on Tuesday. The Euro was also presented at 31,725 rials, the Mehr News Agency reported.

The US dollar and Euro were traded at the 24,920 and 31,720 rials, respectively on Monday. The U.S. dollar price also keeps falling on Iran's free market, so that it sold at 29, 600 rials on Tuesday.

Euro was traded at 39,000 rials, and each Azadi gold coin was also sold at 12.1 million rials.

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 centre was officially inaugurated on September 24 and some 86,000 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 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 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 and the pressure of demand will be removed," Bahmani was quoted as saying.