Azerbaijan, Baku, Oct. 1/ Trend M. Moezzi
Iran's national currency continues to plummet in value with free market traders setting an exchange rate of 29,720 rials per dollar today after that rate climbed to 30,500 rials yesterday afternoon.
This morning the Euro is valued at 39,200 rials, the pound is 48,100 rials and the dirham is being traded for 8100 rials on the free market, Mehr news agency reports.
At the government's newly launched Iran Forex Centre, the dollar is being traded for 26,720 rials compared to 24,460 rials yesterday.
The euro's value grew from 31,450 rials to 34,260 rials, the dirham went from 6660 rials to 7275 rials and Turkey's currency, the lira, climbed to more than 14,860 rials from 13,610 rials.
The government launched the Iran Forex Centre officially on September 24 in an effort to stop the rial's plunge.
The new foreign exchange centre allows importers of goods (including truck tyres, construction equipment and synthetic fibres) to buy dollars at a rate two per cent cheaper than the street rate at any given time.
The rial's plunge in value has picked up in speed in recent weeks. Since the centre's opening a week ago, the dollar's value against the rial has grown more by than 3000 rials.
On Saturday alone the currency lost up to six per cent of its worth against the dollar.
At 12,260 rials, the dollar's official exchange rate (reference rate), set by the Central Bank of Iran, is 17,460 rials less than today's free market rate.