Dollar up in Iran’s Open Market

SF News – Dollar was sold in Iran’s open market at 1295 Tomans today.  That is a new high for Dollar in Iran’s currency market. 

That is about 16 percent higher than the official price announced by Iran’s Central Bank.  Central Bank said that it sold each Dollar for 1077 Tomans today.

The Iranian Central Bank has for months said that it has adopted a policy to bring the two prices together, eliminating the gap with no success so far.

Market experts consider the announcement about the two different prices by the bank to an indication that the Bank’s policy has failed.

Iran’s head of treasury, Mahmoud Bahmani, told Mehr news reporter that, “The government tried at some point to eliminate the gap, but again after a while the difference started to grow.”

The Central Bank officials say that the official price is used to respond to more important requests and other requests that are not within a defined framework will be the ones that determine the market price.

One of the reasons for the hike in price of Dollar has been said by observers to be the nearing Hajj season when people will depart for Saudi Arabia on the Islamic yearly pilgrimage trip to Mecca.

The price of Euro in the open Iranian market was at 1760 Tomans and in Banks prices were at 1455 Tomans.