Iran CBI chief: News about probing central bank surged dollar price

Iran CBI chief: News about probing central bank surged dollar price

Azerbaijan, Baku, Jan. 23 / Trend F.Mehdi/

Recent news about probing the Central Bank of Iran has led to a 5,000 rial rise in the dollar price, the Mehr News Agency quoted Central Bank Governor Mahmoud Bahmani as saying.

On Sunday, the Iranian parliament (Majlis) approved a bill to carry out investigations into the Central Bank of Iran's performance in the past 2 years.

The investigations would focus on the CBI's role in controlling the foreign exchange market from the beginning of the previous Iranian calendar year (March 20, 2011) until now.

CBI has been under fire over the sharp rise in the price of US dollar.

The price of dollar was about 10,440 rials at the beginning of 2011, but it reached 12,500 rials in October 2012. After that the foreign exchange market became unstable and the price of dollar climbed to near 40,000 rials in October 2012.

Critics believe that Iranian government is not controlling the price of dollar at the free market on purpose. They claim that the government wants to take advantage of selling dollar at the free market in order to compensate its lack of budget.

Iran's national currency has dropped in value yet again by nine percent during the past three days against the USD which is soaring from 33,700 to 39, 000 rials.

According to official statistics, the dollar rate in Iran on January 23, 2012 was 21,000 indicating an 18, 000 rials difference compared to same date this year.

A sharp decrease in Iran's rial value took place when western sanctions on Iran's banking and oil exports came into force in late June.

However after arresting tens of dollar dealers in the open market and also establishing the Forex Centre to provide limited USD to importers several per cent cheaper than the dollar rate in the open market, the USD rate on Iran's open market decreased a little in September and the rate has been kept almost unchanged until last Sunday.

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