Gold price & USD exchange rate increase in Iran

Business Materials 24 August 2011 17:53 (UTC +04:00)

Azerbaijan, Baku, Aug. 24 /Trend/

The USD exchange rate and the price of gold coin increased in Iran's market because of decline of gold price in international markets, Mehr News Agency reported

The Central Bank of Iran reduced official prices of USD to 10,583 rials and euro rate to 15,254 rials Wednesday.

The USD exchange rate traded 12,200 rials while the Euro price increased to 17,650 rials in foreign independent exchange market.

Recent fluctuation of gold price in global market affected Iran's domestic market with sharp rise.

The price of gold coin increased to 5.335 million rials (about $480) and it's expected to rise in coming days.

Bahar-e Azadi Coin is an Iranian gold coin minted by the Central Bank of Iran (CBI).

Previously the Governor of Central Bank of Iran (CBI) Mahmoud Bahmani said since the price of gold in global market increased it's inevitable that the Central Bank of Iran increases the price of gold coin.

Iran 's Economy Minister Shamsoldin Hosseini said earlier the government plans to halt gold import in current solar year (started on March 20, 2011).