Iran to fix U.S. dollar exchange rate next solar year

Business Materials 2 December 2013 16:52 (UTC +04:00)

Baku, Azerbaijan, Dec.2

By Fatih Karimov - Trend:

The governor of the Central Bank of Iran, Valiollah Seif, said that the U.S. exchange rate will be fixed in the second half of the next Iranian calendar year, which begins on March 21, 2014, the Tasnim News Agency reported on December 2.

The free market U.S. dollar exchange rate was 29,570 rials on Sunday, while the official exchange rate which is announced by the Central Bank, was 24,815 rials.

Meanwhile, the next year's budget bill set the U.S. dollar exchange rate at 26,000 rials.

Fixing the U.S. dollar exchange rate is among the administration's priorities, Seif said.

The administration will submit the budget bill for the next Iranian calendar year on Wednesday.

In mid-August,ISNA quoted First Vice President Eshaq Jahangiri as saying that Iran's current year budget will be revised because one third of government incomes recognised in the budget would not be realized.

In July, economic advisor to President, Mohammad Bagher Nobakht, said that the current year's budget is too optimistic so the next administration should revise it.

Conservative MP Ahmad Tavakoli said that the current year's budget is not realistic and may result in even higher inflation.