Official talks effect of Zarif's resignation news on Iran's gold market

Business Materials 27 February 2019 11:44 (UTC +04:00)

Tehran, Iran, Feb.27


The sudden news of Iranian Foreign Minister Mohammad Javad Zarif 's resignation have caused a rumor that this action may have a possible effect on the gold and foreign exchange market in Iran.

Meanwhile, Mohammad Kashtiaray, the head of Gold and Jewelry Committee under Iran’s Chamber of Guilds told Trend that gold and jewelery transactions run as normal, while the "gold coin bubble has reduced".

Referring to the news about buying gold coin from ATMs around Iran, he said that gold-dispensing ATMs is a modern and new approach and it would not effect the gold dealers.

Responding to the question that whether the gold-dispensing ATMs would reduce the amount of fake coins in the market, he said that the amount of fake coins would definitely decrease, however it is too early to say, until the plan is in full motion.

The gold dispensing ATM's have Persian and English menus and four types of coins. Currently the ATMs sell two types of gold coins by an official rate that updates the price per second.

A gold-dispensing ATM is the latest banking hardware that has become popular due to obsession to purchase gold as property and to preserve the value of money against inflation in the world. So far the machines have been installed in China, UAE, UK and some European countries and now it has arrived in Iran.