Iran’s Forex Center cuts USD, euro rates compared to rial

Business Materials 4 May 2013 13:05 (UTC +04:00)

Azerbaijan, Baku, May.4/ Trend F.Karimov/

U.S. dollar and euro exchange rates fell compared to Iranian rial today in comparison with Thursday at Iran's Forex Center, the Mehr News Agency reported.

U.S. dollar was sold at 24,770 rials, compared to 24,775 rials on Thursday.

Euro was priced at 32,486 rials, compared to 32,652 rials on Thursday.

But, British pound rose to 38,573 rials, compared to 38,542 rials on Thursday.

The Tehran Forex center was officially inaugurated on September 24, 2012. It allows importers of goods to buy dollars at a rate 2 percent cheaper than the street rate at any given time.

Meanwhile, 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 percent of its oil revenues to provide dollars for the center, central bank governor Mahmoud Bahmani said in September, 2012.

"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.