Iran forex center's registered applications surpass 12,000

Business Materials 19 May 2013 16:16 (UTC +04:00)

Azerbaijan, Baku, May.19/ Trend R.Zamanov/

Over 12,000 applications worth some 4 billion dollars have been registered at Iran's Foreign Exchange Center from the beginning of the current Iranian calendar year (March 21) until May 18, the IRNA News Agency reported.

Some 7,900 applications were submitted in the second calendar month, which is considered a new record, the IRNA News Agency reported.

Some 7.5 billion dollars worth of transactions have been recorded in the forex center in the previous year.

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 foreign exchange center was officially inaugurated on September 24. It aims at allowing 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.

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.