Euro price rises at Iran's Forex Centre

Business Materials 18 December 2012 13:45 (UTC +04:00)

Azerbaijan, Baku, Dec.18/ Trend F.Milad‎‏

The euro was sold at the price of 32,388 rials at Iran's Forex Center on Tuesday.

U.S. dollar was also presented at 24,591 rials, the Mehr News Agency reported.

The dollar and euro were traded at the prices of 24,591 and 33,346 rials, respectively on Monday.

The new foreign exchange centre was officially inaugurated on September 24 and some 10,175 applications have been registered.

The new centre allows importers of goods including truck tyres, construction equipment and synthetic fibres to buy dollars at a rate of two per cent 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 per cent of its oil revenues to provide dollars for the centre, 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 centre, the exchange rate in the market will go down because some of the demand for dollars will be met at this centre and the pressure of demand will be removed," Bahmani was quoted as saying.