Gold Prices Higher in Tehran Market as Dollar Continues Rally

Bahar Azadi gold coin sold for 11.8 million rials ($284.3) on Tuesday, up by 2.6% at 300,000 rials from the previous day.

Financial Tribune- Bahar Azadi gold coin sold for 11.8 million rials ($284.3) on Tuesday, up by 2.6% at 300,000 rials from the previous day.

The US dollar’s exchange rate also climbed 500 rials, reaching 41,500 rials to the dollar, according to the Association of Bureaux de Change Operator's website.

Samad Karimi, the head of Export Department at the Central Bank of Iran, has listed five main reasons for the rally in forex rates, adding that the central bank is investigating the source of recent hikes in the market.

 “Higher demand for overseas trips, the growth in Emirati Dirham’s rate [which is important for Iranian imports] and increasing activity of middlemen in the currency market are the main causes of recent swings in forex rates,” he said during a televised debate broadcast late Monday.

Central Bank of Iran Governor Valiollah Seif had earlier announced plans to end the country’s dual exchange rate regime by the end of the current Iranian year and let the rial float against other currencies in a “managed” way.

Dec 28, 2016
Financial Tribune |