TEHRAN, Sept. 24 (Xinhua) -- Iran announced on Monday that it has opened a forex center under the supervision of the central bank to stabilize the depreciating value of its currency, Rial, local media said.
The center started with 24,040 Rials as a base value for one U. S. dollar on Monday -- the rate was 2 percent below the street market deals, the semi-official ISNA news agency reported.
The dollar at the designated value by Iran's central bank will be only offered to the imports of country's needed goods.
On Sunday, one dollar was exchanged for about 24,800 Rials in Tehran's black market, while on Monday one dollar was traded for about 25,400 Rials.
Rial's further fall on Monday came despite Iran's central bank' s prediction that, with the distribution of foreign currency in the center, the value of foreign currency in the street market will decline.
Tehran Times daily reported on Wednesday that Iran was planning to launch forex bourse to regulate its currency value against foreign ones.
Hassan Qalibaf-Asl, managing director of Iran's Security Exchange Organization, said that infrastructures were ready to launch foreign exchange market in Iran in the following days.
Since 2012, Iran's currency value has significantly slumped against foreign currencies. The Iranian currency came under heavy pressure in January after the U.S. sanctions on Iran's Central Bank was announced.
Earlier this month, Iran's currency value depreciated further against foreign currencies in the street market of Tehran as one dollar was exchanged for about 26,000 Rials, the lowest since the beginning of the new Iranian year, which started on March 20, whereas a year ago the same amount was traded for 13,000 Rials.
According to analysts, the Iranian Rial's value suffers further depreciation due to the mismanagement of the country's economic and financial sector and as Western sanctions tighten against Iran 's financial, energy and petrochemical sectors over the Islamic republic's disputed nuclear program.