TEHRAN: The Central Bank of Iran (CBI) has announced new official exchange rates for foreign currencies, marking fluctuations in the value of the rial as 35 currencies rose and 8 fell compared to figures from October 24. This adjustment comes amid ongoing economic challenges and aims to stabilize the Iranian currency market.

According to Trend News Agency, the updated exchange rate pegs $1 at 446,647 rials and one euro at 482,940 rials. These rates show a slight increase in the value of the euro from 480,892 rials two days prior. Furthermore, the CBI has implemented the SANA system for currency exchange offices, where the cost of one euro is 544,825 rials and $1 is valued at 503,882 rials.

Additionally, Iran employs the NIMA scheme, which facilitates the sale of a portion of foreign currency earnings derived from exports. Under this system, the exchange rate for one euro stands at 529,986 rials, while $1 is priced at 490,158 rials. Notably, the black market continues to present significantly higher rates, w
ith $1 trading at approximately 669,000-672,000 rials and one euro at about 723,000-726,000 rials.

The adjustments in exchange rates are part of Iran’s broader efforts to manage its economy, which has been strained by international sanctions and domestic challenges. The CBI’s strategies, including the adoption of the SANA system and the NIMA scheme, are designed to offer more structured and transparent currency exchange mechanisms to address market instability.