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Iran to introduce new official rate for dollar

Iran Materials 3 August 2012 14:39 (UTC +04:00)

Azerbaijan, Baku, Aug.3/ Trend F.Milad/

The Central Bank of Iran will announce new official rate for dollar, which would be between the current rate of 12,260 rials and the unofficial rates, the deputy industry minister Hamid Safdel stated.

Safdel told the Mehr News Agency that the Central Bank is finalizing studies in this regard.

U.S. dollar was sold at 20,160 rials in Iran's unofficial market on Thursday, according to the Mehr News Agency.

Each ounce of gold was priced at $1603 in international markets. Euro and Pound were sold at 24,760 rials and 31,560 rials, respectively.

Iran's central bank allowed trading in its currency at market levels after fixing the exchange rate in January as the threat of sanctions over the country's nuclear program and economic risks spurred Iranians to buy up dollars.

The bank on January 26 fixed the rate at 12,260 after the U.S. dollar surged to almost double that level in unofficial currency markets.

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