Gold price in Iran soars above 15 million rials

Azerbaijan, Baku, Jan.21 / Trend F.Milad /

Each Azadi gold coin was sold at the price of 15.05 million rials at the free market on Monday, hitting a new high record. This is while the price of gold coin stood at 13.5 million rials at Iran's free market on Sunday.

It comes as Iran's Supreme Audit Court voted to dismiss Central Bank Governor Mahmoud Bahmani on a charge of illegally drawing out money from the banking system last year, the Mehr News Agency reported.

Yesterday Iranian media outlets reported that Bahmani officially requested he retires and sent a letter to the president's office accordingly. The request was reportedly rejected by Ahmadinejad's office.

After the news hit the papers, foreign currency prices jumped up in Iran, as the Euro's price rose to 46,000 rials, and British pound to 54,500 rials. The US dollar also rose to 35,500 rials.

The US dollar and euro were traded at the prices of 33,600 and 44,600, respectively on Sunday.

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

The dollar price had reached 40,000 rials in October, but by inauguration of the foreign exchange centre, 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 the government wants to take advantage of selling the dollar on the free market in order to compensate its lack of budget.

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.

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