Euro, British pound prices fall at Iran’s Forex Centre

Business Materials 7 May 2013 13:55 (UTC +04:00)

Azerbaijan, Baku, May.7/ Trend R.Zamanov

US dollar was sold at the price of 24,774 rials at Iran's Forex Centre on Tuesday.

The euro was also presented at the price of 32,398 rials, while the British pound was traded at 38,510 rials, the IRNA News Agency reported.

The euro, British pound and US dollar were traded at the prices of 32,518, 38,607, and 24,773 rials respectively on Monday.

The new foreign exchange centre was officially inaugurated on September 24. Some 21,013 applications worth 7.5 billion dollars have been registered at the centre up till February 28.

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.

According to the centre's spokesman Samad Karimi, Iran's Forex Centre has the capacity to trade over 100 million dollars each working day.

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, 2012. 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.