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Minister Advises Iranians Against Buying Dollar, Gold, Iran Says

Nov. 20 (Bloomberg) -- Iran’s Economy and Finance minister Shamseddin Hosseini advised citizens not to buy dollars or gold coins because of their high cost, the Iran newspaper reported.

“Foreign currencies and gold coin rates will drop so those who buy them at high cost must not complain later,” Hosseini said yesterday, according to the Tehran-based daily.

Rising inflation in Iran, which the International Monetary Fund has forecast will reach an annual 22.5 percent this year from 12.4 percent in 2010, and a cut in bank deposit interest rates have boosted demand for foreign currency and gold.

The official rate today is 10,880 rials for the dollar, according to the Central Bank’s website. The “market rate” in exchange bureaus is about 13,350 rials.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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