USD price jumps 60 per cent in Iran

Iran Materials 2 January 2012 15:23 (UTC +04:00)

Azerbaijan, Baku, Jan. 2 / Trend F.Milad/

USD price jumps to record high in Iran, Mehr News Agency reported

US dollar price surged to 16,950 rials today in Iran's free market from 15,900 rials the day before, signaling inefficiency of the Central Bank policies to curb the currency price rise in the country.

Although the Central Bank sold the dollar at 11,180 rials and the euro at 14,500 rials at its selected branches nationwide, but the currencies were sold at 16,400 rials and 20,750 rials in the free market, respectively, the Mehr news agency reported.

The Iranian Central Bank sells the dollar at 11,100 rials at its branches nationwide.

Each USD was 10,600 rials last year and USD rate has increased by up to 50 per cent since the beginning of current Iranian year.