Gold price on the rise in Iran's free market

Business Materials 2 January 2013 15:31 (UTC +04:00)

Azerbaijan, Baku, Jan.2/ Trend F.Milad

Each Azadi gold coin was sold at the price of 12.73 million rials at the free market on Wednesday.

It is while the price of gold coin stood at 12.6 million rials at Iran's free market on Tuesday.

Euro was also sold at 43,310 rials at Iran's free market on Wednesday, while US dollar was also presented at 32,500 rials.

US dollar price neared 35,000 a week ago.

US Dollar and euro were traded at the prices of 24,57 0 and 32,620 rials at Iran's forex center, respectively, the IRNA News Agency reported.

The government has set the 28,500 rials price for the free market but the ?brokers still refuse to trade dollar at the mentioned price.

Dollar price has reached 40,000 rials in October but by inauguration of the foreign exchange center the prices fell to 27,000 rials.

Critics believe that Iranian government is not controlling the price of dollar at the free market on purpose. They claim that the government wants to take advantage of selling dollar at the free market in order to compensate its lack of budget.

The new foreign exchange center was officially inaugurated on September 24. Some 10,175 applications have been registered at the center so far.

The new center allows importers of goods including truck tires, construction equipment and synthetic fibers to buy dollars at a rate 2 percent cheaper than the street rate at any given time.

The government maintains an official reference rate of 12,260 rials to the dollar, but only a limited amount of foreign exchange is available at this rate.