Iran announces new official exchange rate for US dollar
A new official price for the US dollar has been discovered in an exchange market run by the Central Bank of Iran (CBI), amid government efforts to control prices and make it easier for importers to access hard currency generated from exports.
CBI’s Center for the Exchange of Currency and Gold (ICE) said on Wednesday that the rate applied to the allocation of US dollars for students and citizens seeking to travel abroad will be 1,075,050 rials.
The rate represents the average price discovered for purchases of the US dollar in a second trading hall at the ICE.
This comes as the price in ICE’s primary hall, which is used for allocating currency for imports of basic goods, including medicine and staple foods, stood at 736,254 rials on Wednesday.
The new rate announced by the CBI is expected to effectively become a benchmark for official currency prices in Iran in the coming days, as it determines the starting price for the next day’s trading in the market.
The free-market price of the US dollar was above 1,300,000 rials in Tehran on Wednesday.
The CBI launched a new type of trading mechanism at the ICE in November 2023 to allow exporters and importers to directly negotiate and agree on prices, replacing an older platform known as NIMA.
However, the central bank has faced criticism in recent weeks over its inability to rein in rising currency prices in the free market.
Reports published in local media earlier this month said that a December 2 government announcement allowing importers to purchase essential goods using their own hard currency resources, without disclosing the origin of the funds, had caused prices to rise by nearly 15% within a single week.
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