Sunday, May 07, 2006

Uncertain of future, Iranians converting bank deposits into Gold

Ken Timmerman,
Even the talk of sanctions are affecting the IRI. Today's Roozonline reports that the price of steel beams used in home construction increased by 50% in one week. This followed an upsurge in the price of gold coins, as people have converted bank deposits into cash. At the same time, neither the Euro or the dollar have increased significantly, which the Persian-language website said showed this was not regular inflation but a sign that the population lacked confidence in the future of the regime.