Iran forex center requests surpass 10,000

Business Materials 12 December 2012 17:42 (UTC +04:00)

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

The Central Bank of Iran announced that 10,117 requests have been submitted at Iran's forex center so far.

The new foreign exchange center, which was officially inaugurated on September 24, 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.

U.S. dollar was sold at the price of 24,585 rials at Iran's forex center on Wednesday. Euro was also presented at 31,974 rials, the ISNA News Agency reported.

Until November 23, some 8389 requests have been submitted at Iran's forex center.

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.