Iran opens new exchange center as rial hits record low
The Central Bank of Iran (CBI) is launching a new center for exchange of foreign currencies and gold amid efforts to prevent a further decline in the value of national currency the rial.
CBI Governor Mohammad Reza Farzin said on Monday that the new exchange center will start operating as of midday February 21 to stabilize market rates and to control speculative trade.
“All the demands of people for exchange will be met through the currency and gold exchange system,” Farzin said in an interview with state television.
The announcement came after the price of the US dollar rose to an all-rime high of over 500,000 rials in the unofficial market in Iran on Monday.
That came as the dollar-rial rate rose to over 452,000 in a government-controlled exchange market where exports proceeds are sold to importers. Authorities in the market said that they had suspended the trade of euro and the US dollar after CBI’s announcement on the imminent launch of a new exchange center.
Iran maintains a subsidized price of 285,000 rials for the dollar it provides to importers of basic goods, including medicine and medical equipment.
Farzin said on Monday that the CBI will continue to allocate subsidized exchange to imports of basic goods using Iran’s crude exports revenues.
He added that the new exchange center will be used instead to stabilize the market rates through the supply of hard currency proceeds obtained from exports of petrochemicals and minerals.
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