Forex, gold coin prices fall at Iran’s free market
Azerbaijan, Baku, May.4/ Trend R.Zamanov
Each Bahar-e Azadi gold coin was sold at the price of 13.2 million rials at Iran's free market on Saturday.
Each Bahar-e Azadi gold coin was presented at the price of 13.25 million rials on Thursday.
Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).
US dollar was also sold at the price of 35,600 rials at the free market on Saturday, while Euro was presented at the price of 46,900 rials.
U.S. dollar and euro were traded at the prices of 35,650, and 47,000 rials on Thursday.
Iran's national currency, the rial, lost about 50 percent 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 the 28,500 rials price for the free market but the brokers refuse to trade dollar at the mentioned price.
Critics believe that the 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 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.