Iran’s free market positively reacts to Geneva talks

Business Materials 9 November 2013 14:25 (UTC +04:00)

Baku, Azerbaijan, Nov. 9
By Rahim Zamanov - Trend:

Each Bahar-e Azadi gold coin was sold at the price of 918,000 rials at Iran's free market on Saturday, the Fars News Agency reported.

Each Bahar-e Azadi gold coin was presented at the price of 944,000 rials on Thursday.

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 29,850 rials at the free market on Saturday, while Euro was presented at the price of 40,300 rials.

U.S. dollar and euro were traded at the prices of 30,150, and 40,850 rials on Thursday.

The prices have dropped following the positive atmosphere created in the country over Geneva talks.

The talks between Iran and the P5+1 have entered into the third day as negotiators pressed for a deal on Iran's nuclear program.

Top officials from both sides described the two days of intense negotiations in Geneva as constructive.

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

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