Iran unveiled the latest official exchange rate for the US dollar
The Central Bank of Iran has unveiled a newly established official exchange rate for the US dollar in a marketplace regulated by the government. This move is part of an ongoing initiative to stabilize prices and streamline currency access for importers leveraging income from exports.
In an official statement, the Central Bank announced that the average exchange rate for purchasing the US dollar in its recently launched Currency Market of Mutually-Agreed Prices stood at 596,470 rials by the conclusion of trading on Saturday.
According to a report by Press TV, exporters have provided approximately $39.5 million of their earnings to importers based on the new pricing structure, out of a total of $70 million.
According to the statement, the newly established price will serve as the opening benchmark for the subsequent day’s trading activities in the same market.
This indicates that in the upcoming days, the specified price is set to serve as the official benchmark for currency valuations in Iran.
This development follows an announcement by the Central Bank of Iran (CBI) in early November regarding its plans to introduce a new currency market. This initiative aims to enable exporters and importers to directly negotiate and agree on exchange rates, effectively replacing the existing NIMA market.
The Central Bank of Iran has set an exchange rate of 285,000 rials per US dollar specifically for the importation of essential commodities, such as pharmaceuticals.
The financial institution has been utilizing the NIMA exchange rates to allocate foreign currency to various importers.
The exchange rate for the NIMA system exceeded 500,000 rials per US dollar shortly before the Central Bank of Iran revealed plans to inaugurate a new market on November 6.
In a recent development, the market exchange rate for the US dollar surged past 750,000 rials in Tehran as of Saturday.
