In the same category

As currency crisis worsens, Iranians invest in gold

IMG Auteur
Published : May 17th, 2018
212 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Market Analysis

Iranians are reportedly investing in gold after the Central Bank of Iran last week issued strict limits on the amount of foreign currency travelers can take out of the country amid a deepening currency crisis.

With exchange offices forbidden to sell foreign currency and new rules limiting the amount of foreign currency travelers can take out of the country to 5,000 euros ($5,980) if leaving by air and 2,000 euros ($2,392) if exiting by land or sea, gold has become the new currency of choice for people hoping to move their money out of the country.


Referring to the formation of a "new forex market," the chairman of the Iran Gold & Jewelry Association, Hossain Pendarvand, says gold has replaced the dollar in local markets and that despite protective measures taken by the Central Bank of Iran, money is still finding its way out of the country, but now in the form of gold.

"The gold products market is suffering from a recession, while the market for melted gold is flourishing, indicating that in the absence of the dollar, people have started buying more gold and taking it out of Iran," Pendarvand told state-run Iran Students News Agency on Tuesday. ...

... For the remainder of the report:

https://en.radiofarda.com/a/as-currency-crisi...ans-begin-to...

* * *

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Will The Gold/Silver Ratio Approach 15:1?
14 AugS W.
Who cares?
Dollar Up, Gold Prices Down for Longest Run in 24 Years as Comex Be...
07 AugRocco
Gold prices are down and Bullion Exchanges are still offering the best prices I can find. https://bullionexchanges.com/
Silver Price Forecast 2019/2018: Silver Bull Market Is Almost Here
19 JulS W.
Hi Rocco. Now that silver has gone below Moolman's 15.995 and according to him that this signals a long term bear market...have you got a pla...
Silver Price Forecast 2019/2018: Silver Bull Market Is Almost Here
14 JulS W.
How can you sell at $60 if you've sold it all $30 What is your stop price $ It will not surprise me to see it go to $10 or $11 because...
Silver Price Forecast 2019/2018: Silver Bull Market Is Almost Here
09 JulRocco
100% for a safe profit investment. If it goes above $60 for sure i'm going out and selling ALL my silver to http://nycbullion.com ... I would even ...
Silver Price Forecast 2019/2018: Silver Bull Market Is Almost Here
05 Julprljr
Good ??'s I was wondering the same things.
Silver Price Forecast 2019/2018: Silver Bull Market Is Almost Here
04 JulS W.
If the market ? goes bearish or bullish you have to ask yourself the question "why did I buy silver in the first place?" Do you have a stop? What i...
Silver Price Forecast 2019/2018: Silver Bull Market Is Almost Here
02 JulRocco
Great article, I think/hope silver will continue the bull!! I've invested in too much silver for it to start being a bearish market!
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS