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Iran gets currency relief in light of positive talks

Source: Radio Zamaneh

The exchange rates in Iran for the dollar, the price of gold and automobiles have declined in recent days, following the implementation of a number of economic strategies and the positive vibes emanating from the nuclear talks in Almaty at the end of February.

The Iranian national currency has tumbled against the dollar in the past year, and similarly the price of gold has spiked unprecedentedly.

The price of automobiles has also been on the rise in the past month with the intensification of sanctions on Iran. The Iranian government approved a 10- to 18-percent price hike for car manufacturers, but in the past month, production fell by 47 percent compared to last year resulting in an even steeper price increase.

Mahmoud Ahmadinejad reacted to the price hike on Sunday, saying if car manufacturers do not control the prices, tariffs on imported cars would be reduced by 10 percent, which appears to have led to a drop in retail prices.

The national currency has also been gaining some value against the dollar in recent days and is currently being traded at 33,000 rials to the dollar.

The Minister of Economy has said: "The broad supply of foreign currency into the market has strengthened the value of the rial", adding that an easing of pressures due to international sanctions has also been effective in this respect.

On February 26 and 27, Iran entered a new round of talks with the G5+1, and in addition to agreeing to meet again in March to discuss further details about their proposals, both sides expressed a certain level of optimism about the possibility of a resolution in the near future.

... Payvand News - 03/06/13 ... --

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