Economy, Business And Markets

Gold Coin Surge Continues in Tehran Market

Gold Coin Surge ContinuesGold Coin Surge Continues

Bahar Azadi gold coin continued its upward trend to gain 800,000 rials ($19) over the four-day period ending Thursday, to close the week at 22.5 million rials. 

The Central Bank of Iran announced that the US dollar’s exchange rate rose 30 rials over the period to 42,190 rials, the euro gained 570 rials to trade at 49,740 rials and the pound hit 56,640 rials to mark a 360-rial increase.

Most exchange shops remain wary of resuming their routine operations, fearing the fallout from a currency crisis that hit the Iranian market in early April, despite government attempts at reassurance.

The government intervened to contain the abrupt surge in currency market volatility by announcing a unified exchange rate of 42,000 rials against the dollar and prohibiting any trading beyond that rate. It has also banned physical currency trade by exchange houses.

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