Forex rates tumble

Financial Tribune- The Central Bank of Iran’s measures, namely to issue certificates of deposit and launch the presale of gold coins, from Saturday seem to have had an impact on Tehran’s market as the rate of the US dollar experienced a 1% decline to reach 46,800 rials. Other major currencies, including euro and pound, stumbled as well.

Bank branches were full of activity on Saturday morning as people rushed in to purchase the CDs offered at 20% interest rates, IBENA reported. This is while more than 13,000 gold coins have been purchased in the presale. The price of the benchmark Bahar Azadi gold coin also experienced a 1.6% decline on Saturday as it was traded for 15.52 million rials ($331) in Tehran.