17 percent drop in the Iran rial’s value during a day
Azerbaijan, Baku, Oct. 1/ Trend M. Moezzi.
The Iranian national currency continues to plummet in value with free market traders' morning exchange rate of 29,720 rials to the dollar climbing to 32,500 rials by noon and 35,500 in the evening, the Mehr news agency reports.
The figure marks a 17 percent drop in the rial's value from yesterday when the dollar's price reached 29,800 rials.
Iran's national currency has lost about 30 percent of its value during 7 days.
Meanwhile, the price of a single Bahar Azadi coin is 10,320,000 rials today compared to 10,162,000 rials yesterday. The gold coins are minted and sold by the Central Bank.
Despite the rial's sharp devaluation, Mahmoud Bahmani, the head of Iran's Central Bank continues to insist the government's newly launched Iran Forex Centre's effect on currency prices will soon be seen.
Yesterday, September 30, a member of Iran's parliament accused President Mahmoud Ahmadinejad of deliberately keeping the nation's currency market in a state of chaos.
Elias Naderan, a member of the Majlis' (parliament) economic commission, told Mehr Iran's foreign exchange reserves and oil exports don't have the "sizable problems" that would cause the current conditions and wondered what President Ahmadinejad plans to do about the disarray.
The government officially launched the Iran Forex Centre on September 24 in an effort to stop the rial's plunge but that hasn't worked.
Mohammad Nahavandian, the head of the Iran Chamber of Commerce Industries and Mines (ICCIM) said the center can't affect the currency market because it meets only 10 to 20 percent of the market's needs.
The dollar's official exchange rate (reference rate), set by the Central Bank of Iran, is 12,260 rials.