Iran intensifies crackdown on currency speculation

Iran has intensified its crackdown on foreign currency speculation as authorities and official news outlets blame speculators for a historic drop in the value of national currency rial.

According to Press TV, Iranian Judiciary’s provincial department in the capital Tehran said on Tuesday that the body will team up with Iranian Finance Ministry’s financial intelligence unit to identify and arrest “disruptors” of the country’s foreign currency market.

The Economic Security Police in Tehran Province also announced that some 88 people had been arrested for illegal involvement in future trading of foreign currency and gold through launching channels and groups on social media platforms.

A Tuesday report by IRNA said that hundreds of bank accounts used by individuals for illegal money changing activities had been blocked by the Iranian Intelligence Ministry.

“These individuals were engaged in illegal trading of foreign currency in the unofficial market or were involved in future trading and have caused a disruption in the country’s foreign exchange system,” said the report, citing an Intelligence Ministry's statement published earlier this month.

Reports published by IRNA and Fars news agency rejected claims that Iran’s rial had continued to drop against hard currencies on Tuesday which was an official holiday in Iran, as they insisted that speculators were overcharging the prices to be able to increase their profit margins in the upcoming days.

ME