14 Feb '18, 11am

Iran arrests currency traders as rial collapses

TEHERAN (AFP) - Iranian police arrested around 100 money changers on Wednesday (Feb 14) as it scrambled to contain the decline of the rial, which has lost a quarter of its value in six months. A video by state broadcaster IRINN showed dozens of currency hawkers, who normally ply their trade across the road from the British embassy in central Teheran, being rounded up by police. Iran's currency has collapsed from 38,400 rials to the dollar in July to a record low of 48,400 on Wednesday. Teheran's chief of police, General Hossein Rahimi, told local media that 10 exchange offices had also been shut. Iran's nuclear deal with world powers, which lifted many international sanctions, had raised hopes that the currency would regain its lost value. On the day it was announced, many celebrating Teheranis waved dollar bills alongside 10,000 rial notes - a sign of their hope that it w...

Full article: http://www.straitstimes.com/world/middle-east/iran-arrest...

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