Tehran, Iran, January 22
By Mehdi Sepahvand –- Trend:
A car importer company in Iran misused a major rise in the dollar value against the Iranian rial in 2012 to raise a lot of money that it was not entitled to, ISNA news agency reported January 22.
2012 was the year when the dollar jumped from 1,200 to 2,600 rials virtually overnight, caused both by international sanctions and mismanagement.
Before the dollar jumped, the auto import company had sold a model of a Korean-made car at 1,170,000,000 rials each, but after the dollar rate changed, it charged 700,000,000 rials more to sell the cars at 1,870,000,000 rials, cars that the company had imported way before the exchange market fluctuation.