Iran Authorities Arrest 11 over Fake Pricing in Forex Market

Iranian authorities arrested 11 people behind the recent instability in the country's foreign currency market, the Iranian Intelligence Ministry said Friday, Dec. 30, reportedly.

The ministry said the detainees sought to "fake price" major foreign currencies through future trading and arbitrage and other activities on social media and virtual space.

The ministry said its forces also identified another 320 individuals linked with such social media channels and groups and will soon take the necessary actions against these "disruptors of the market stability."

On Thursday, the economic security police of Tehran announced the arrest of 96 illegal currency dealers in Tehran, and US$118,000 were seized from them, reportedly.

"The plan will continue until calm is restored to the currency market," said the police chief, Hedayat Bahrami.

Any purchase and sale of currency outside the authorized banks and exchange centers are prohibited, Bahrami warned.

The dollar was sold for 430,000 Iranian rials on Thursday, hitting another historic high. The rial has lost its value by about 25 percent, compared to the market rates in September.

(Source: TEMPO.CO)