Source: Mehr News Agency, Tehran

Iran's central bank announced on Thursday that dollar will be traded at a price of 12,260 rials from Saturday, January 28.

While the currency exchange shops post the official rates set by the Central Bank, they have halted all trades since the rates in the the black market are about 30% higher

"In the new policy each dollar will be traded 1226 tomans (12,260 rials)," Central Bank Governor Mohommad Bahmani said.

To control foreign currency prices and gold coin the central bank announced on Wednesday that it will immediately raise interest rate on deposit accounts to 21 percent.

Following the announcement of this monetary policy the prices of gold coin and foreign currency has started falling in the black market since Wednesday.

Newspaper headlines blame the government for the currency and gold coin situation

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... Payvand News - 01/26/12 ... --