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Iran's Foreign Exchange and Gold Exchange Center hikes selling foreign currency

Business Materials 7 March 2024 10:42 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, March 7. The value of foreign currency sold at Iran’s Currency and Gold Exchange Center on March 6, 2024, increased by $83.2 million compared to the previous day, Iran’s Central Bank (CBI) said, Trend reports.

Data from CBI shows that $236 million worth of various currencies were exchanged at the Currency and Gold Exchange Center in Iran under the NIMA exchange rate on March 6. However, the figure stood at about $153 million as of March 5, 2024.

Meanwhile, a total of $334 million worth of foreign currency was put up for sale at the center under the NIMA rate on March 4.

The Currency and Gold Exchange Center was launched in Iran on February 21, 2023, to prevent the sharp increase in the price of foreign currencies on the black market.

According to the CBI's currency exchange rate, $1 equaled 42,000 Iranian rials and one euro, or 45,832 rials, on March 6. The CBI notes that it is possible to import several products at this exchange rate.

The SANA system is a currency exchange system implemented by the Central Bank of Iran in which the price of one euro is 470,267 rials and the price of one dollar is 430,952 rials.

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