Iran to normalize forex, gold prices

Following instability in the price of gold and foreign currency in Tehran’s markets, Central Bank of Iran (CBI) has announced plans to normalize prices next week.

“By next week, the Central Bank [of Iran] will definitely return the price of gold and foreign currency to its normal market rate,” CBI governor, Mahmoud Bahmani, said on Thursday.

He said the CBI plans to reduce the price of the dollar to 10,600 rials.

“The price of the dollar in the market will reach [10,600 rials] or less and the foreign currency market will soon be balanced,” Mehr news agency quoted Bahmani as saying.

Referring to rise in gold prices in Iran’s markets, Bahmani said the CBI would inject gold into the market until “the prices are reduced and balanced.”