Gold price soars at Iran’s free market

Business Materials 27 January 2013 13:40 (UTC +04:00)

Azerbaijan, Baku, Jan.27/ Trend F.Milad‎‏/

Each Azadi gold coin price soared to 14.46 million rials on Sunday.

It is while the price of gold coin stood at 14.34 million rials on Saturday.

US dollar was also sold at 36,200 rials at the free market, while euro was presented at 48, 200 rials.

US Dollar and euro were traded at the prices of 35,700 and 47,800, respectively on Saturday.

This comes as 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.

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

Dollar price had 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 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.