EghtesadOnline: Further to its persistent calls for transparency and doing away with the controversial subsidy schemes, Tehran Chamber of Commerce, Industries, Mines and Agricultures called on the government to unify the multiple currency rates, which it said has created a hotbed for corruption and rent-seeking.
EghtesadOnline: The US dollar crossed another psychological threshold in Tehran on Monday with price pressures increasing as the end of the Iranian fiscal year approaches in March.
EghtesadOnline: Despite an uptick in gold prices in international markets on Monday, the yellow metal stayed almost unchanged in Tehran due largely to falling currency rates.
EghtesadOnline: Foreign exchange rates surged in the Tehran market on Saturday, prompting the Central Bank of Iran to release a statement to reassure the public that it has a grip on the market.
EghtesadOnline: After unexpected gains in currency rates over the past week, the market returned to stability on Thursday. On the last trading day of the Iranian week, the US dollar dropped below the psychological resistance level of 110,000 rials after having approached 120,000 rials a day earlier.
EghtesadOnline: Following the slump in currency rates, the gold coin has also dropped in value in recent weeks to reach the lowest point in the past four months.
EghtesadOnline: Gold prices in Tehran fell 10% during the week to November 29 following the drop in foreign exchange rates. Mohammad Kashtiaray, president of the Special Gold and Jewelry Commission of the Iran Chamber of Guilds said. The decline came as international prices for the yellow metal remained volatile.
EghtesadOnline: Gold prices are relatively stable according to the head of Iran’s Specialized Gold and Jewelry Commission. Speaking on state TV, Mohammad Keshti-Aray said the clam is due the decline in the international price and demand for the yellow metal and currency rates.