CBI Governor Promises Stable Forex, Gold Markets

Governor of the Central Bank of Iran has reiterated that foreign exchange rates will continue to dwindle while saying “we do not insist on illogically bringing down the price of gold coins” in reference to the regulator’s recent announcement that a country-wide coin presale is to start from Feb. 4. “Forex market fluctuations of the past two months are now being balanced,” Valiollah Seif was quoted as saying by IBENA. After breaking above an all-time high of 46,000 rials, the US dollar was traded for 45,650 rials on Sunday. The benchmark Bahar Azadi gold coin, on the other hand, had lost more than 3% in value by Saturday’s close, but gained back as much as 0.5% on Sunday to be traded for 14.85 million rials ($326).