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Gold price falls sharply on Iran's free market

Business Materials 13 February 2013 14:04 (UTC +04:00)

Azerbaijan, Baku, Feb.13/ Trend F.Milad

Each Azadi gold coin was sold at a price of 14.1 million rials on Iran's free market on Wednesday. This is while the price of a gold coin stood at 14.35 million rials on Tuesday.

The US dollar was also sold at the price of 36,500 rials on the free market on Wednesday, while the euro was presented at 49,500 rials.

The euro and US dollar were traded at the prices of 50,500 and 37,500 rials on Tuesday.

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

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 that rate.

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