Forex, gold prices on the rise on Iran’s free market
Azerbaijan, Baku, July.3/ Trend R.Zamanov
Each Bahar-e Azadi gold coin was sold at a price of 11.15 million rials on Iran's free market on Wednesday. It was presented at the price of 11.05 million rials on Tuesday.
Bahar-e Azadi coins are Iranian limited circulation minted gold coins offered by the Central Bank of Iran (CBI).
The US dollar was also sold at a price of 33,600 rials on the free market on Wednesday, while the euro was presented at 44,000 rials.
On Tuesday, the U.S. dollar and euro were traded at the prices of 32,800, and 43,800 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 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 that 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 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.