Euro price rises at Iran's forex center

Business Materials 16 December 2012 11:37 (UTC +04:00)

Azerbaijan, Baku, Dec.16 / Trend F.Milad‎‏ /

Euro was sold at the price of 32,367 rials at Iran's forex center on Sunday.

U.S. dollar was also presented at 24,589 rials, the ISNA News Agency reported.

Dollar and euro were traded at the prices of 24,589 and 32,150 rials, respectively on Saturday.

The new foreign exchange center was officially inaugurated on September 24. Some 10,175 applications have been registered at the center so far.

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.

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.