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Iran's rial continues free fall against dollar

Iran Materials 30 September 2012 15:43
The dollar’s value edged toward 30,000 rials today in Iran’s free currency markets as it continued to set new records against the national currency.
Iran's rial continues free fall against dollar

Azerbaijan, Baku, Sept. 30/ Trend M. Moezzi

The dollar's value edged toward 30,000 rials today in Iran's free currency markets as it continued to set new records against the national currency.

Today, traders set the dollar's value at 29,700 rials, the euro at 39,100 rials, the pound at 47,100 rials and the dirham at 8,050 rials, Mehr news agency reports.

Single new design and old design Bahar Azadi gold coins cost 10,162,000 rials (equals $947 based on USD's official rate).

The Iranian government launched the Iran Forex Center officially on September 24 in an effort to stop the rial's (Iran's national currency) plunge in value. The new foreign exchange center allows importers of goods, including truck tires, construction equipment and synthetic fibers to buy dollars at a rate two per cent cheaper than the street rate at any given time.

At 12,260 rials, the dollar's official exchange rate (reference rate), set by the Central Bank of Iran, and is 17,440 rials less than the free market rate.

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