Forex, gold prices continue to fall at Iran’s free market
Azerbaijan, Baku, July.7 / Trend R.Zamanov /
Each Bahar-e Azadi gold coin was sold at the price of 10.83 million rials at Iran's free market on Sunday, the Fars News Agency reported.
Each Bahar-e Azadi gold coin was presented at the price of 10.93 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 32,900 rials at the free market on Sunday, while Euro was presented at the price of 43,000 rials.
U.S. dollar and euro were traded at the prices of 33,350, and 43,600 rials on Saturday.
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 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 in order 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.