Gold coin prices on Iran’s free market drop to lowest rate in 14 months

Business Materials 22 November 2013 15:11 (UTC +04:00)

Baku, Azerbaijan, Nov. 22

By Rahim Zamanov - Trend:

The price of a gold coin at Iran's free market dropped to its lowest point in the past 14 months.

Each Bahar-e Azadi gold coin was sold at the price of 899,000 rials on Iran's free market on Thursday.

The Bahar-e Azadi gold coin was presented at the price of 910,000 rials on Wednesday.

Bahar-e Azadi Cois are 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 30,100 rials on the free market on Thursday, while the euro was presented at the price of 40,500 rials.

U.S. dollars and euros were traded at the prices of 30,080, and 40,700 rials on Wednesday.

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 the 28,500 rial price for the free market, but ‎brokers refuse to trade dollars at that price.