New Iran policies stop gold coins' climb

Iran Materials 26 January 2012 16:17 (UTC +04:00)

Azerbaijan, Baku, Jan. 26/ Trend M. Moezzi

The new policies instituted by Iran's Central Bank have stopped the price of gold coins from going u, the Islamic Republic News Agency (IRNA) reported. On Wednesday, the price of a whole Bahar Azadi gold coin dropped from a little more than 10 million rials (about $885) to 7.9 million rials (about $700) although world gold prices rose to $1,720 an ounce.

The drop in prices was in response to the Central Bank of Iran's announcement that it would issue a maximum of 70 trillion rials (about $6.2 billion) in participation bonds, and allow banks to set deposit interest rates themselves.

Today the price of old design gold coins was 8.2 million rials ($726), and 8.1 million rials ($717) for new design gold coins.

The Central Bank of Iran set an exchange rate of 11,296 rials to the dollar today.