Iran News ...


09/30/12

Over $112m transacted at Iran's foreign center

Source: Tehran Times

More than $112 million was transacted during the past five days at Iran's foreign exchange transaction center, which was officially inaugurated on Monday. Some $42 million was transacted on Sunday, the Mehr news agency cited a Central Bank report.


Related Article: Iran's Currency Tumbles On Forex Markets

The center allows importers of goods to buy dollars at a rate 2 percent cheaper than the street rate at any given time.

The government maintains an official reference rate of 12,260 rials to the dollar, but only a limited amount of foreign exchange is available at this rate.

The government plans to use revenues from petrochemical sales and 14.5 percent of its oil revenues to provide dollars for the center, central bank governor Mahmoud Bahmani said. He did not give an absolute figure for the amount of dollars to be supplied.

"With the distribution of currency in this center, the exchange rate in the market will go down, because some of the demand (for dollars) will be met in this center and the pressure of demand will be removed," Bahmani was quoted as saying.

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