Euro sold at 31,910 rials at Iran's forex center

Business Materials 1 December 2012 14:05 (UTC +04:00)

Azerbaijan, Baku, Dec.1/ Trend F.Milad‎‏/‏

Euro was sold at the price of 31,910 rials at Iran's forex center on Saturday.

U.S. dollar was also presented at 24,580 rials, the ILNA News Agency reported.

The new foreign exchange center was officially inaugurated on September 24 and some 86,000 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.

The 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.