Iran FOREX center requests surpass 10,000

Business Materials 12 December 2012 18:28 (UTC +04:00)

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

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

The new Foreign Exchange Center, which was officially inaugurated on September 24th, allows importers of goods, including truck tires, construction equipment and synthetic fibers to buy dollars at a rate 2% cheaper than the street rate at any given time.

The U.S. dollar was sold at the price of 24,585 Rials at Iran's FOREX Center on Wednesday. The Euro was also presented at 31,974 Rials, the ISNA News Agency reported.

Until November 23rd, some 8,389 requests have been submitted to 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.

The Iranian government plans to use revenues from petrochemical sales and 14.5% 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 from this center, the exchange rate in the market will go down, because some of the demand (for dollars) will be better met, causing pressure for dollars to be removed," Bahmani was quoted as saying.