Tehran, Iran, Nov.18
Trend:
There should not be any worries over the volume of gold and foreign currency reserves In Iran in the future, thanks to the efforts of Central Bank of Iran (CBI) and the government’s economic team, Boarding member of the Gold and Jewelry Union Abollah Mohammad Vali told Trend.
Gold and gold coin prices have dropped in recent days while the value of foreign currencies including US dollar has declined in the past week.
"The prices in previous months were not the real prices and mostly driven by psychological pressures of US sanctions and US withdrawal from the Joint Comprehensive Plan of Action that led to turmoil in the market. In addition, official economic planning to control prices was time consuming and resulted in high demand for gold", he said.
He added that the turbulence has triggered the wave of investment in gold and gold coin, but in recent months with proper CBI management on foreign currency rate Iran has witnessed the real and rational prices in the market.
“Of course, in these circumstances, the risk of buying (gold and currency) will decrease, since many have suffered from the high rates."
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It is predicted that the threats of sanctions would disrupt the country's foreign exchange earnings but the economic precaution of the government in supplying basic goods and preserving gold and foreign currency reserves have strengthened the country's position, said Mohammad Vali.
“Therefore there should not be any worries for the future. The level of gold reserves is at the optimal level.”