Gold coin price falls, forex prices rise at Iran’s free market
Azerbaijan, Baku, May.28/ Trend R.Zamanov
Each Bahar-e Azadi gold coin was sold at the price of 12.95 million rials at Iran's free market on Tuesday.
Each Bahar-e Azadi gold coin was presented at the price of 13 million rials on Monday.
Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).
US dollar was sold at the price of 36,400 rials at the free market on Turesday, while Euro was presented at the price of 47,350 rials.
U.S. dollar and euro were traded at the prices of 36,200, and 47,100 rials on Monday.
Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, hitting an all-time low of 35,500 versus the dollar. It was close to 10,000 in early 2011.
The government has set the 28,500 rials price for the free market but the brokers refuse to trade dollar at the mentioned price.
Critics believe that Iranian government is not controlling the price of dollar at the free market on purpose. They claim that the government wants to take advantage of selling dollar at the free market in order to compensate its budget deficit.
The government maintains an official exchange rate of 12,260 rials to the dollar, but only a limited amount of foreign exchange is available at this rate.