USD price rises at Iran’s forex center

Business Materials 18 May 2013 15:58 (UTC +04:00)

Azerbaijan, Baku, May 18/ Trend R.Zamanov

US dollar was sold at the price of 24,775 rials at Iran's forex center on Saturday.

Euro was also sold at the price of 31,794 rials, while British pound was traded at 37,582 rials, the IRNA News Agency reported.

Euro, British pound and US dollar were traded at the prices of 31,883, 37,725, and 24,774 rials respectively on Thursday.

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

The new center allows importers of goods including truck tires, construction equipment and synthetic fibers to buy dollars at a rate 2 percent cheaper than the street rate at any given time.

According to the center's spokesman Samad Karimi, Iran's forex center 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.

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. He did not give an absolute figure for the amount of dollars to be supplied.

"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.