Gold coin, forex prices sharply fall following early results of presidential elections

Azerbaijan, Baku, June 15/ Trend R.Zamanov /

Each Bahar-e Azadi gold coin was sold at the price of 12 million rials at Iran's free market on Saturday.

Each Bahar-e Azadi gold coin was presented at the price of 12.75 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 34,000 rials at the free market on Saturday, while Euro was presented at the price of 45,800 rials.

U.S. dollar and euro were traded at the prices of 36,450, and 48,500 rials on Thursday.

The sharp fall in prices comes as the early results of Iran's presidential election shows that reformist candidate Hassan Rohani is in the lead with more tan 51 per cent of the votes.

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 compared to 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.

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