Forex drops to 8074t/1$ in secondary currency market

TEHRAN, Aug. 07 (MNA) – Iranian petrochemical plants, major suppliers of foreign currency in the country, sold their currency as low as 80740 rials/$1 in the secondary market on Tuesday.

After a bumpy week for the country's currency rate during which the Iranian rial plunged to a record low against the US dollar on the unofficial market, the opening of a secondary market of foreign exchange by the Central Bank of Iran (CBI) helped the national currency gain some lost value over foreign currencies.

According to the set guidelines by the CBI, the exporters offer their foreign currency to the market to change it to the national currency and those importers who cannot use the subsidized foreign policy offered by the government can change their rial to foreign currency.

Only those importers who pile in necessary foreign goods are allowed to benefit from the subsidized foreign policy provided by the Iranian CBI.

During the exchanges on Tuesday in the newly opened secondary market, petrochemical plants presented their UAE dirham at 22,000 Iranian rials and as the UAE dirham is fixed at a rate of 3.67 to $1, it means that $1 now equals to 80,740 Iranian rials.

This is a significant gain after a week, as the Iranian rial had plunged to an exchange rate of more than 110,000/$1.

As petrochemical products make up the biggest share of Iran’s non-oil exports, the provision of foreign currencies by them at the secondary market can stabilize the market and force the exchange houses to abide by the new rates in unofficial markets.

Today, Jam petrochemical plant offered 20 million UAE dirham, Pardis petrochemical plant gave out 16.5 million UAE dirham, Shiraz petrochemical plant presented 17.5 UAE dirham and Zagros petrochemical plant offered 5 million euros in the secondary market. Euro was offered at a rate of 93,337 rials.

YNG/FNA13970516000770

News Code 136520

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