USD price continues to rise at Iran’s Forex Centre

Business Materials 28 May 2013 12:27 (UTC +04:00)

Azerbaijan, Baku, May.28/ Trend R.Zamanov

The US dollar was sold at the price of 24,779 rials on Iran's Forex Centre on Tuesday.

The euro was also presented at the price of 31,976 rials, while the British pound was traded at 37,383 rials, the IRNA News Agency reported.

Euros, the British pound and US dollar were traded at the prices of 32,022, 37,473, and 24,778 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 this centre and the pressure of demand will be removed," Bahmani was quoted as saying.