Failure in Almaty talks raises forex prices in Iran

Business Materials 7 April 2013 16:10 (UTC +04:00)

Azerbaijan, Baku, Apr.7/ Trend D.Khatinoglu/

Foreign currency exchange rates in Iran have risen after the second round of nuclear talks, between Iran and the world six powers in the Kazakh capital, Almaty, ended, with no agreement.

U.S. dollar was traded at 36500 rials today at Tehran free market, up 1500 rials compared to the day before.

Euro and pound were also sold at 47400 rials and 55700 rials respectively, compared to 46350 rials and 53200 rials on Saturday.

Meanwhile, a number of Iranian websites have referred to rise in domestic market demand as the reason for the increase in prices.

Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, hitting an all-time low of 35,500 versus the dollar. It was close to 10,000 in early 2011.

Iran and six major powers (Britain, China, France, Russia, and the US plus Germany) finished the fourth round of nuclear talks on Saturday afternoon.

The sides have hold four rounds of negotiations during the past two days, which were reportedly with "little progress".

According to Fars News Agency, Ali Bagheri, the deputy of Iranian delegation head Saeed Jalili met with a French delegation, alongside Jalili's meeting with the deputies of Six Major Power's foreign ministers in the morning. European Union foreign policy chief Catherine Ashton is the six world powers' lead negotiator.

Ahston said after talks that "powers and Iran remain far apart".

P5+1 had offered Iran a package during the last talks in February, proposing to eliminate some sanctions over Iran, such as ban on gold deal, instead of halting uranium enrichment at a 20 percent level.

However, Western diplomats say Iran returns to talks with its new proposals, without answering to six major powers' last package.