USD price falls at Iran's forex center

Business Materials 4 December 2012 18:05 (UTC +04:00)

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

U.S. dollar was sold at the price of 24,570 rials at Iran's forex center on Tuesday.

Euro was also presented at 32,087 rials, the Mehr News Agency reported.

Dollar and euro were traded at the prices of 24,576 and 23,047 rials, respectively on Monday.

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 that 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 a specific 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 demand pressure will be reduced," Bahmani was quoted as saying.