Forex prices fall, gold price rises at Iran’s free market

Business Materials 9 July 2013 15:39 (UTC +04:00)

Azerbaijan, Baku, July.9/ Trend R.Zamanov

Each Bahar-e Azadi gold coin was sold at a price of 11.1 million rials on Iran's free market on Tuesday, the ISNA News Agency reported. The coin was presented at the price of 11.04 million rials on Monday.

The Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI). The increase in price follows the sudden rise of gold prices on global markets.

The US dollar was also sold at the price of 33,100 rials on the free market on Tuesday, while the Euro was presented at the price of 43,200 rials.

The U.S. dollar and euro were traded at the prices of 33,500, and 43,500 rials on Monday.

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 rials against the dollar. It was close to 10,000 in early 2011.

The government set the 28,500 rials price for the free market, but ‎brokers refuse to trade dollar at the mentioned price.

Critics believe that 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 a lack of budget.