Gold, forex prices continue to fall at Iran’s free market
Azerbaijan, Baku, Jun.23/ Trend F.Milad /
Each Bahar-e Azadi gold coin was sold at the price of 10.5 million rials at Iran's free market on Sunday.
Each Bahar-e Azadi gold coin was presented at the price of 11 million rials on Saturday.
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 30,400 rials at the free market on Sunday, while Euro was presented at the price of 40,500 rials.
U.S. dollar and euro were traded at the prices of 31,000, and 41,800 rials on Saturday.
The prices faced a sharp fall in the past few days. Only a week ago USD was sold at the price of 36,000 rials and each Azadi gold coin was priced at around 12 million rials.
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.
the 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.