Iran: Gold and Forex Rise, Stocks Fall

EghtesadOnline: Foreign exchange rates and gold began the week in a bullish mood as the two surged on Saturday in Tehran market.

News ID: ۷۴۶۷۰۸

17 February 2019

The US dollar broke the psychological level of 120,000 rials and was traded for 121,000 rials in the afternoon. Bahar gold coin also gained over 1.5% and changed hands for 43 million rials ($360).

The stock market, however, lost slightly with the Tehran Stock Exchange main index, TEDPIX, shedding 196.96 points or 0.13% at Saturday's session.

Governor of the Central Bank of Iran Abdolnaser Hemmati, reiterated on Saturday that the forex reserves are sufficient, according to Financial Tribune.

Hemmati, who was on a tour of the western province of Kurdistan, acknowledged that the country is facing "special conditions" as it is engaged in an "economic war" imposed by Donald Trump’s America, IRNA reported.

Joint Working Group

The secretary of the Iranian Exchange Bureaux Association Saturday said plans are being made to create joint working groups with money changers in neighboring countries.

Reza Torkashvand said the joint working groups will operate under the supervision of the Central Bank of Iran and in coordination with the Economy Ministry and the Majlis Economic Commission.

"A joint working group with exchange operators in Afghanistan will be among the first working groups," Torkashvand was quoted as saying by the IEBA telegram channel.

"In the past communications of Iranian money changers with their peers in neighboring countries was unofficial and personal with no official status," he said.

"But henceforth an official system in both countries will supervise and support contracts and exchangers from countries can resolve their issues in other target countries."