Central Bank auctions wood with gold reserves
Following the increase in the price of coins, the Central Bank decided to offer 500,000 quarter coins on the commodity exchange from Sunday, 24th of this month, under the pretext of trying to control prices. Initially, this move had no effect until the news was released, causing a decrease in coin market fluctuations and quarter coins were sold for 700,000 Tomans less. However, this lever ultimately failed to reduce the price of coins in the long run, to the point where this coin had a price of about 7,750,000 Tomans on the day of offering and now it is being sold for 9,600,000 Tomans. The weight of each quarter coin is 2033 grams, so considering that 500,000 of these coins are planned to be offered on the exchange, it can be concluded that about one ton of gold will be consumed for this offering. This means that the Central Bank is auctioning wood with the support of the country’s gold, under the pretext of price control, although it seems that the Central Bank has also been seeking to attract liquidity through this method.