Gold coin sold at 924,000 rials at Iran’s free market

Business Materials 24 September 2013 18:48 (UTC +04:00)

Azerbaijan, Baku, Sep. 24 / Trend, R. Zamanov

Each Bahar-e Azadi gold coin was sold at a price of 924,000 rials at Iran's free market on Tuesday.

Each Bahar-e Azadi gold coin was presented at the price of 922,000 rials on Monday afternoon.

The Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).

The U.S. dollar was also sold at the price of 29,300 rials on the free market on Tuesday, while the Euro was presented at a price of 39,600 rials.

The U.S. dollar and euro were traded at 29,200, and 39,400 rials on Monday afternoon.

This comes as the European court lifted sanctions against 18 Iranian companies on Monday, including the Islamic Republic of Iran Shipping Lines, Fars news agency reported.

The manager of Islamic Republic of Iran Shipping Lines, Mohammad Hossein Dajmar said that it was a "big success" for Islamic Republic of Iran Shipping Lines.

On Sept. 6, the European Union court also ruled that the EU should lift sanctions it imposed against seven Iranian companies, Reuters reported.

The ruling, which can be appealed, follows similar decisions earlier this year against sanctions imposed on two of Iran's biggest banks.

Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, standing at 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.