Gold coin price soars above 13 million rials on Iran’s free market
Azerbaijan, Baku, Apr.23/ Trend R.Zamanov
Each Bahar-e Azadi gold coin was sold at a price of 13.1 million rials on Iran's free market on Tuesday. The coin was presented at the price of 12.9 on Monday.
The 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 35,400 rials on the free market on Tuesday, while the euro was presented at the price of 46,500 rials.
On Monday the U.S. dollar and euro were traded at the prices of 35,550, and 46,500 rials.
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 rials versus the dollar. It was close to 10,000 in early 2011.
The government has set the 28,500 rials price for the free market, but 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 for a 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.