US dollar falls in Iran amid rising export currency supply
The price of the US dollar has fallen in the Iranian market amid an increased supply of export proceeds to a state-run currency exchange.
A Monday report by the official IRNA news agency said the dollar was worth 1.38 million rials in the open market in Tehran. Currency price monitoring websites reported the same rate for the dollar against the rial.
That price represents an 8% decline compared to earlier this month, when record-high rates caused public discontent and led to protests in the traditional bazaar in Tehran and other cities.
Experts say the drop results from a new government policy aimed at reducing the gap between official exchange rates and those existing in the free market.
They say the policy has encouraged more exporters to supply their foreign currency earnings to the state-controlled platform, known as the Center for the Exchange of Currency and Gold (ICE), where importers can obtain currency at more favorable rates.
A senior official at Iran’s Trade Promotion Organization (TPO) said on Monday that there has been a considerable increase in the supply of export proceeds over the past two weeks.
Mohammad Sadegh Ghannadzadeh, a deputy head of the TPO, said that the new government currency policy has enabled exporters, including petrochemical and metals manufacturers, to resume returning export proceeds, which they had withheld in recent months due to low prices.
According to rates updated on its website, ICE’s official rate for the US dollar was 1.269 million rials on Monday.
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