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Presale of Gold Coins Hit $175m

Presale of Gold Coins Hit $175m Presale of Gold Coins Hit $175m

Since the launch of the gold coin presale by the Central Bank of Iran on Feb. 17 to cool the market, some 600,000 coins worth 8 trillion rials($175 million) have been sold, the head of Banknote and Coin Issuance Department at CBI announced. 
As part of its recent measures to stop the forex rally, CBI has issued one- and two-year certificates of deposit based on rial, but with a value linked to the euro or dollar, and has been offering gold coins with six-month and one-year maturities at fixed and preferential rates.  
Masoud Rahimi was also quoted as saying by ISNA that the coins have sold at the price of 13 million rials ($291) for one-year maturity and 14 million rials ($313) for six-month maturity.  He predicted that as the deadline for the sale of 20%-yield certificates of deposits comes to an end, demand for gold coins would increase.

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