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Gold coin price continues to fall at Iran’s free market

Business Materials 17 April 2013 14:26 (UTC +04:00)

Azerbaijan, Baku, Apr.17/ Trend R.Mazyar

Each Bahar-e Azadi gold coin was sold at the price of 12.7 million rials on Iran's free market on Wednesday. Each Bahar-e Azadi gold coin was presented at a price of 12.8 on Tuesday.

Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).

The US dollar was also sold at the price of 34,900 rials on the free market on Wednesday, while the euro was presented at the price of 46,100 rials.

The U.S. dollar and euro were traded at the prices of 35,000, and 46,300 rials on Tuesday.

Iran's national currency the rial, lost about 50 per cent of its foreign exchange value in less than a week in October 2012, hitting an all-time low of 35,500 versus the dollar. It was close to 10,000 in early 2011.

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

Critics believe the Iranian government is not controlling the price of dollar on 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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