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Azerbaijan's diplomatic move rejuvenates Iran's stock, foreign currency markets

Politics Materials 12 July 2023 12:35 (UTC +04:00)
Azerbaijan's diplomatic move rejuvenates Iran's stock, foreign currency markets
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, July 12. A number of analysts in Iran hailed the latest statements of Minister of Foreign Affairs of Republic of Azerbaijan Jeyhun Bayramov related to the country's relations with Iran, Trend reports.

In particular, they noted that Bayramov's statements, targeted to reduce tensions between the two countries, led to balancing of the prices of foreign currency, gold coins and stocks in the Iranian market.

So, $1 US dollar was around 500,000 rials on the black market in Iran on July 9, but today on July 12, $1 US dollar is 493,000 rials. Also, the price of 1 gold coin in Iran was worth 285 million rials (about $6,785) on the Iranian market on July 9, while yesterday, the 1 gold coin was sold for 278 million rials (about $6,619). At the same time, reduction of share prices was observed in the stock market of Iran.

"Azerbaijan has always been interested in the positive development of relations with Iran. Recently, there has been tension in relations between the two countries, for which there were very serious reasons," Bayramov said several days ago. "We see Iran's intention to take serious steps towards resolving disagreements. In this case, Azerbaijan will take adequate and reciprocal steps."

Azerbaijan's minister also mentioned the issue with Azerbaijan's embassy in Iran, which has been closed following a barbaric terrorist attack on January 27, 2023, as a result of which people got killed and injured. Following the incident, Azerbaijan made the decision to close the embassy.

The minister noted that after the security of Azerbaijani embassy is fully ensured, it will be possible to plan the resuming of the diplomatic mission's activity.

Considering the comments of Iranian analysts, the obvious is stated yet again - for Iran, it's vitally important to maintain good relations with Azerbaijan, both politically and economically.

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