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Euro price falls at Iran's Forex Centre

Business Materials 16 January 2013 13:09 (UTC +04:00)

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

The euro was sold at the price of 32,639 rials on Iran's Forex Centre on Wednesday.

The U.S. Dollar was also presented at 24,558 rials, the IRNA News Agency reported.

Dollars and euros were traded at the prices of 24,561 and 32,847 rials, respectively on Tuesday.

The new foreign exchange centre was officially inaugurated on September 24. Some 13,233 applications have been registered so far.

The 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.

The 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 at this centre, the exchange rate in the market will go down because some of the demand (for dollars) will be met at the centre and the pressure of demand will be removed," Bahmani was quoted as saying.

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