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Iran: 156,000 gold coins delivered to customers

Source: Mehr News Agency, Tehran

A member of the board of directors of Melli Bank said on Thursday that in the past couple of days, 156,000 "advance-selling gold coins" had been delivered to the customers.

(file photo)

Kamre'i told a press conference that in the last two days 289,000 gold coins had to be delivered, however, only 156,000 were given out.

Kamre'i added that instead of delivering gold coins to customers the bank is planning alternative ways including handing over deposit certificates starting on Saturday, April 21.

He said the first option is that customers would get a two-year bond rather than the gold coins.

Kamre'i said certificates are tax free and have 24% interest rate.

The second option would be to issue bearer bonds in the form of a bank draft instead of delivering gold coins, he said.

The third option is that those who have received gold coins could re-sell them to the bank based on the daily spot price, said the board member.

Kamre'i said the reason behind implementing alternative methods is to help execute the 'Support for Domestic Production' year. He added: "We should take maximum advantage of liquidity in managing economic affairs."

A few months ago the price of gold and the relative value of dollar rose dramatically within Iran, therefore some citizens decided to safeguard their savings by buying up more-stable dollars and gold.

... Payvand News - 04/20/12 ... --

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