Iran’s Forex Center not to provide importers with dollar for gold imports

Business Materials 26 January 2013 17:24

Azerbaijan, Baku, Jan. 26 / Trend F.Mehdi/

Iran's Forex Center will not provide importers of gold with dollar and such imports will be conducted using their own dollar, the Mehr News Agency quoted the Forex Center's spokesman Samad Karimi as saying.

In line with monetary policies of the Central Bank and with the goal of maintaining the market's stability, gold will be imported using importers' own dollar, he noted.

Last year, the value of the gold shipped to Iran from Turkey is estimated at $11-12 billion in 2010-11, Turkey had total exports of gold and precious gems worth about $4 billion.

Experts said most of the gold transfer was made through Switzerland and UAE. The trade is providing Iran a lifeline.

They added that the dispute over gold transfers is putting Turkey in a tight spot. Iranian gas is crucial to Ankara's efforts to diversify its gas imports.

The Turkish government is reluctant to increase its already heavy dependency on Russia for energy.

US dollar was sold at the price of 35,200 rials at the free market on Saturday.

Euro was also presented at the price of 47,300 rials.

US Dollar and euro were traded at the prices of 35,200 and 47,300, respectively on Thursday.

Each Azadi gold coin price also soared slightly on Saturday to reach 13.97 million rials. It is while the price of gold coin stood at 13.92 million rials on Thursday.

Last week, Iran's Supreme Audit Court voted to dismiss Central Bank Governor Mahmoud Bahmani on charge of illegal draw out of money from the banking system last year, the Mehr News Agency reported.

Iranian media outlets reported earlier that Bahmani officially requested to retire, and sent a letter to the president's office regarding his request. The request reportedly was denied by Ahmadinejad's office.

After the news hit the papers, the foreign currency prices jumped up in Iran, as euro price rose to 48,300 rials, and US dollar to 36,300 rials.