Iran says detains 17 for foreign exchange fraud

  • News Digest

Dec 27, 2018-

Iran’s security forces have arrested 17 people on charges of profiteering from fraudulent currency dealings, the state news agency IRNA reported on Tuesday, as Tehran tries to reverse a slide in the rial following the reimposition of US sanctions. Iran intervened in the currency market and threatened speculators as it engineered a dramatic recovery of the rial in recent weeks to ease pressure on its economy. The suspects had obtained hard currency at subsidised rates from the government to import goods but had instead sold the money on the banned unofficial market, IRNA quoted the Intelligence Ministry as saying. The rial climbed to about 105,000 against the US dollar in mid-December, from about 117,000 a week earlier, and 152,500 at the end of October. The currency had hit record lows around 190,000 in late September. (REUTERS)

Published: 27-12-2018 11:04

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