Gold, currency gain more value in Iranian markets
Tehran, Iran, December 9
By Mehdi Sepahvand –- Trend:
On Saturday both gold and foreign currencies experienced new gain in value. The Bahar Azadi gold coin gained 390,000 rials to stand at 14,370,000 rials.
Also, the US dollar went up 200 rials to stand at 42,100 rials, despite official statements earlier that prices were to cease going up.
“The reason for the increasing value of the dollar may be that we are approaching the Christian New Year,” Reza Rahmani, an exchange house manager said.
This is while some experts also relate the situation to a reduction in the flow of dollars into the country that should have come for the exported petrochemical products.
Also, some other experts believe that a government-imposed reduction in banking interest rates may be the cause of the rising prices of the USD against the rial, which has caused investors to storm to the market.
In such circumstances, the Central Bank of Iran says it has adopted measures to prevent inflation, such as inserting foreign currencies into the market as well as distributing gold coins.
In the meantime, some critics believe that by doing so, the government is trying to pave the way for the unification of the currency prices in the free and governmental markets, which differ by as much as 7,000 rials.