Forex, Gold Prices Higher

EghtesadOnline: Forex and gold prices increased again in Tehran’s free market on Monday amid renewed diplomatic efforts to revive the landmark Iran nuclear deal.

News ID: ۷۸۷۸۱۰

12 April 2022

According to Eghtesadnews, the dollar was quoted at 281,200 up 2,200 rials from Sunday's close while the euro gained 1.02% to buy 306,780 rials.

This was while bank-affiliated exchange shops made no significant changes to their rates on Monday. Melli Exchange, affiliated to Bank Melli, quoted the greenback at 251,140 rials, 0.05% higher on Sunday. Each euro was priced at 282,400 rials by Melli Exchange, 0.72% or 2,010 rials lower on Sunday.

In the regulated market, where currency is traded wholesale, the dollar was tagged at 251,140 rials, up 0.01%. The market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.

The Emirati dirham, an influential currency in the Iranian market, was up 0.65% and was quoted at 76,400 rials.

Gold coin prices also shot up mostly under the impact of higher forex rates. The popular Emami gold coin rose 1% to 132.15 million rials.

Half Bahar Azadi coin recorded more than 0.4% gain to reach 7.39 million rials and the quarter Bahar Azadi gold coin gained 1.16% rising to 43 million rials. One gram of 18-karat gold was worth 12.23 million rials, 0.06% higher on the session before.   Reports on new efforts to revive the Iran nuclear agreement again seem to be the driving force for the higher gold and currency prices. Following some optimism that a deal was near, currency/gold rates declined last December.

However, it seems that that Iran and the remaining parties to the agreement (France, the UK, China, Russia plus Germany) have been unable to agree on a new nuclear deal. Iran's Foreign Minister Hossein Amir-Abdollahian said Sunday that Washington is "imposing new conditions" in the negotiations to restore the 2015 nuclear agreement.

"In the last two or three weeks, the American side has made excessive demands that contradict some paragraphs of the text," he was quoted as saying.

Freeing of Blocked Assets

Meanwhile, in Tehran the Foreign Ministry spokesman, Saeed Khatibzadeh, on Monday confirmed reports about a possible release of Iran's frozen assets in the near future.

Quoting an unnamed official at the Central Bank of Iran, IRNA reported on Monday that Iran would soon receive $7 billion of its blocked assets. This is to be discussed during a visit to Tehran by Omani officials, it said.

On Thursday the state news agency gave an update on the much anticipated unlocking of the forex reserves putting the amount at $7 billion, which equals assets blocked in South Korea.

It said the release has been worked out in a deal according to which the money will be deposited into an Iranian bank account.