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USD rate breaks third record in Iran during three days

Iran Materials 27 September 2012 17:39 (UTC +04:00)
USD rate broke the third record in Iran’s open market during past three days and increased up to 26,950 rials on Thursday evening
USD rate breaks third record in Iran during three days

Azerbaijan, Baku, Sept. 27 /Trend, D.Khatinoglu/

USD rate broke the third record in Iran's open market during past three days and increased up to 26,950 rials on Thursday evening.

The dollar was sold for 26,700 rials in Tehran's free currency market yesterday, while this figure for Tuesday was 25,000 rials.

The consecutive increase of USD rate occurred during three days, while Iranian government launched Iran Forex Center officially on Monday. The new foreign exchange centre allows importers of goods, including truck tyres, construction equipment and synthetic fibers to buy dollars at a rate two per cent cheaper than the street rate at any given time.

USD rate has begun to increase in Iran since second half of 2011, but it has soured after the U.S. and EU's new sanctions on Iran took force on June 28 and July 1.

The dollar was traded at 10,040 rials on the free market in early last year.

Currently, the dollar's official exchange rate (reference rate) set by the Central Bank of Iran is 12,260 rials, which differs from the free market rate by 14, 690 rials.

Earlier Iranian senior member of parliament Mohammad-Reza Bahonar, who serves as Parliamentary Speaker announced that oil exports have dropped to around 1 million barrels per day (bpd) during the first half of solar year (started on March 19) on average, while this figure for June and July dropped to around 800,000 barrels per day.

Earlier, US Treasury Department announced that Iran is losing monthly $5 billion in oil revenues due to western sanctions and restrictions over its oil export and banking system.

The Iranian Central Bank issued a report in May 2012, saying government debts to internal banks until the last solar year have increased four times during six years and reached 400 trillion rials (equals to $31.7 billion based on the official USD rate) and the head of the Supreme Audit Court, Abdolreza Rahmani Fazli confirmed in June 2011 that the Iranian government borrowed $15 billion from banks during first eight months of starting the subsidy reform plan.

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