USD falls below 30,000 rials on Iranian free market

Business Materials 19 November 2013 20:09 (UTC +04:00)

Baku, Azerbaijan, Nov. 19

By Fatih Karimov - Trend: The US dollar's exchange rate against the Iranian rial fell 150 rials compared to Monday on Iran's free market and reached 29,950 rials today, ISNA reported on November 19.

The Euro was traded at 40,450 rials, a 250 rials decline compared to the day before.

Bahar-e Azadi gold coins were sold for 9.1 million rials, compared to 9.19 million rials on Monday.

Bahar-e Azadi coins are Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).

Iran's national currency, the rial lost about 50 per cent 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 a 28,500 rial price on the free market, but brokers refuse to trade the dollar at that price.