Asgar Oladi: The New Foreign Exchange Centre can Stablize Dollar Rate

Asadollah Asgar-Oladi

Central Bank of Iran has recently opened a new foreign exchange center in order to keep the Dollar rate low in compare to local currency. The rate of Dollar against Iran’s Rial has been increased for more than 40% in the recent two months.

Asadollah Asgar-Oladi, head of Iran Chamber of Commerce, believes this new center can help the local market to stabilize the Dollar rate inside Iran. “If this new center imports enough foreign currencies to market and provide the needed currencies to importers, the Dollar rate will decreased in future. But if Foreign Exchange Center fails to do that, we won’t see any progress in the market.”

Asgar Oladi also talked about inaugural of this Forex center. “At this moment we cannot talk about the success or failure of this project. I believe opening this center will definitely have impact on free market.”

The new foreign exchange center allows importers of goods, including truck tires, construction equipment and synthetic fibers to buy dollars at a rate two per cent cheaper than the street rate at any given time.

Asadollah Asgar-Oladi is the third richest Iranian in the world and is the second wealthiest in Iran, with an estimated wealth in excess of $9 billion.

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