EghtesadOnline: When the Central Bank of Iran abruptly announced the unification of the US dollar's exchange rate from Tuesday, the gold market reacted swiftly and prices declined.
EghtesadOnline: Governor of the Central Bank of Iran Valiollah Seif said the drastic decision by the government to unify the US dollar’s rate does not mean that a fixed exchange rate system would be at work, as the rate would “fluctuate with market mechanisms”.
EghtesadOnline: The Central Bank of Iran's Governor Valiollah Seif answered heated questions during an appearance in the latest open session of the parliament after the government announced late Monday that it has unified foreign exchange rates and the US dollar will be offered to all at 42,000 rials in response to the worst currency crisis hitting the country in more than five years.
EghtesadOnline: Following news that the US dollar rate has been unified at 42,000 rials, gold prices also went into freefall, although the head of Tehran Gold and Jewelry Union declared that gold coin trade has been halted.
EghtesadOnline: Foreign exchange rates continued to surge in Tehran's market amid confusion about the causes of the rally, as both Economy Minister Masoud Karbasian and Governor of the Central Bank of Iran Valiollah Seif are set to appear before lawmakers to explain the situation.
EghtesadOnline: With the US dollar's exchange rate remaining above the psychological threshold of 50,000 rials in Tehran's market, lawmakers frustrated with the performance of the Central Bank of Iran in managing the volatility are considering a roadmap of their own to restore calm to the market.
EghtesadOnline: Institute for Trade Studies and Research, the think tank of the Ministry of Industries, Mining and Trade, concluded in a recent report that longstanding policies practiced by consecutive governments aimed at helping lower-class groups are having the opposite effect.
EghtesadOnline: Most foreign currencies continued to gain against the rial on Wednesday in a rally that started from the early days of the current Iranian year that began on March 21. According to Fars News Agency, the rial was traded for 50,500 to the US dollar. Rial was also quoted at 61,800 to the euro in the unofficial market.
EghtesadOnline: Both foreign exchange and gold markets on Monday kicked off their rallies after days of relative calm, with major foreign exchange rates registering significant gains against Iran's national currency.
EghtesadOnline: The ban imposed by the Industries Ministry on import orders based on US currency seems to be a win for the European currency.