The arrest of dozens of “violent sellers” after the record drop in the riyal
The Iranian currency crisis toppled the governor of Iran’s central bank, while Tehran announced the shutdown of dozens of brokers and “rogue sellers” in the dollar market, following a record drop in the Iranian riyal.
Iranian media reported yesterday that the government has appointed Mohammad Reza Farzin as the new central bank governor, replacing Ali Salehabadi, who blamed anti-government protests and high interest rates in more than 90 countries around the world.
Iranian President Ibrahim Raisi said: “The governor of the central bank should exchange ideas and advice with specialists”, stressing the need for “accurate implementation of economic policies in order to stabilize the exchange rate, reduce inflation and supervise the performance of banks”.
The decision came after the dollar traded at 440,000 riyals in the unofficial market, up 18,000 riyals from its price (Tuesday), according to Iranian business newspapers.
The Iranian riyal has thus lost about 70 percent of its value since negotiations faltered in March, when it circulated at 260,000 riyals, and reached 360,000 riyals at the start of the protests, following the death of the young Mahsa Amini, after being arrested by the “morality police” last September (September).
Police chief of “economic security” in Tehran, Colonel Hedayat Bahrami, said security forces arrested 96 currency brokers, as part of “plans to fight sellers and displaced persons in the currency market,” according to the agency. “Tasnim” affiliated with the “Revolutionary Guard”.
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