Compared to December 2010, the value of Iran's currency has fallen by 80 percent, when the "black market" for one dollar could get about 10,700 rials.
This week, the dollar stood at 18,500 rials.
In recent days the citizens of Iran alarmed sharp rise in commodity prices by about 10 percent, which is a consequence of instability in the domestic markets of gold and foreign exchange.
President of the Chamber of Commerce of Tehran Yahya al-Ashak dismissed fears about the lack of foreign currency reserves in Iran and said that the Islamic Republic has 120 billion dollars and 907 tons of gold reserves.
He said that Iran bought gold last few years at an average price of $ 600 per ounce, and that the current price of gold nearly tripled, announced the semi-official Mehr news agency.
Al-Ashak is attributed to changes in the market gold and foreign exchange mismanagement of some government bodies and called for stricter control of commodity prices and exchange rates of foreign currencies.
Iranian authorities announced last week that the bank will raise interest rates to a level of 21 per cent in order to cope with the instability of the national currency and the consequences of sanctions.
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