TEHRAN: The Central Bank of Iran (CBI) announced updated official exchange rates for foreign currencies on October 20, reflecting fluctuations in the value of the Iranian rial against major global currencies. The adjustments come as part of ongoing efforts to stabilize the national currency amidst economic pressures.

According to Trend reports via CBI, the official exchange rate saw increases in 44 currencies, while only one currency experienced a decrease compared to rates from October 19. The CBI has set $1 at 443,408 Iranian rials and one euro at 481,900 rials, signifying a slight appreciation of the rial against the euro, which was previously valued at 483,591 rials.

The CBI employs the SANA system for currency exchange offices, where the euro is priced at 546,179 rials, and the dollar at 502,553 rials. This system is part of a broader strategy to align exchange rates with market conditions and curb inflationary pressures. Additionally, the NIMA platform, a mechanism for exporters to sell a portion of t
heir foreign currency earnings, lists the euro at 528,732 rials and the dollar at 486,499 rials.

On the black market, which operates outside official regulations, the dollar ranges between 640,000 to 643,000 rials, while the euro is exchanged for approximately 696,000 to 699,000 rials. These rates highlight the disparity between official and black market values, underscoring challenges in achieving currency stability.