Iran to halt gold import
Azerbaijan, Baku, Aug. 23 /Trend/
Iran plans to halt gold import in current solar year (started on March 20, 2011), Mehr News Agency reported quoting Iran's Economy Minister Shamsoldin Hosseini as saying.
"Government's economic policy is to halt gold import in current solar year (started on March 20, 2011)," he said.
The recent fluctuation of gold price in global market affected Iran's domestic market with sharp rise.
The Governor of Central Bank of Iran Mahmoud Bahmani said earlier "since the price of gold in global market increased, it's inevitable that the Central Bank of Iran increases the price of gold coin".
Bahar-e Azadi Coin is an Iranian gold coin minted by the Central Bank of Iran (CBI).
The price of gold coin increased to 5.825 million rials (about $530) Tuesday and it's expected to continue to rise in coming days.
The volume of Iran's gold production is low, and therefore, the price of gold in domestic market is under influence of global market.