USD rate hits new record in Iran

A US dollar was sold at 26,000 rials in the Iranian open market on Monday, indicating a 2,000 rials increase compared to yesterday, ISNA reported.

USD rate has increased dramatically in Iran starting from the middle of 2011 and accelerated during the last few months. The Central Bank of Iran (CBI) officially fixed the USD rate at 12,600 rials nine months ago and the head of CBI promised last day to keep the USD rate law in near future. A US dollar was sold at 10,400 rials in January 2011.

Increasing problems with the USD rate in Iran occurs while the Bahar-e Azadi gold coin price has increased to 10 million rials.

The price of the Bahar-e-Azadi gold coin minted by Central Bank was 3.120,000 rials a year ago and rose to around 4,550,000 rials in June 2012.

The Iranian government has announced the rial's value several times to save the national currency which has lost about 2.2 times in value during past 21 months.