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The CBI said in a statement that the average price discovered for the purchase of the US dollar in its newly established Currency Market of Mutually-Agreed Prices was 596,470 rials at the end of the trade on Saturday.<\/p>\n
It said that exporters had supplied some $39.5 million of their proceeds, from a total of $70 million, to importers at the new price, according to Press TV.\u00a0<\/p>\n
The statement said the new price will determine the starting price of the next day’s trade in the same market.<\/p>\n
That means the price will effectively become a benchmark for official currency prices in Iran in the coming days.<\/p>\n
It comes after the CBI said in early November that it would launch a new currency market, where exporters and importers can\u00a0directly negotiate and agree on prices, to replace an old market known as NIMA.<\/p>\n
The CBI has a rate of 285,000 rials per US dollar which it applies to imports of basic goods, including medicine.<\/p>\n
However, the lender has been using NIMA prices for earmarking currency to other importers.<\/p>\n
The NIMA price was over 500,000 rials per US dollar just before the CBI announced the launch of the new market on November 6.<\/p>\n
That comes as the market price of the US dollar was over 750,000 rials in Tehran on Saturday.<\/p>\n
MNA<\/p>\n<\/p><\/div>\n
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