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USD exchange rate reduces in Iran

Business Materials 9 July 2011 23:49

Azerbaijan, Baku, July 9 /Trend/

The USD exchange rate reduced by 100 rials Saturday in independent foreign exchange market to 11,550 rials while the gold coin prices dropped as well, IRNA reported.

The official price of US dollar was 10,584 rials while it traded at 11,550 rials in independent foreign exchange market.

The rate of Euro reduced by 400 rials to 16,600 rials in independent foreign exchange market and traded at 15,103 rials in official market.

The price of gold coin dropped by 20,000 rials to 4.290 million rials (about $390) Saturday. Bahar-e Azadi Coin is an Iranian gold coin minted by the Central Bank of Iran (CBI).

Cut of foreign currency supply have recently resulted in increase of dollar rate and gold coin prices on the market. However, the Central Bank of Iran started to reduce USD rate to maintain the gap.

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