Three more people connected with foreign currency jumps, arrested in Iran

Azerbaijan, Baku, Oct. 18 /Trend S.Isayev, T. Jafarov/

Three more people have been arrested in Iran's Isfahan province, in connection with manipulating the foreign exchange market, IRIB NEWS reported.

The Prosecutor's office of Isfahan province said that as a result of special operations at local currency exchange markets, three people have been arrested.

Reportedly, all of the captived arrived from South Iran, and one of them earned some $11 million by trading currency at the market.

Earlier this month, Tehran Prosecutor General Abbas Jafari Dolatabadi said some 30 suspects have been arrested in the country, adding that large amounts of foreign currency and golden coins have been seized from the arrested.

The USD rate in Iran increased from 13,000 rials in the beginning of 2012 to 25,000 in mid September, but suddenly rose to 36,000 during a week on Iran's open market in late September.

When the foreign currency rates started jumping, many Iranian currency rate websites were either shut down or suspended work.

The currency exchanges were partially working in the last couple of weeks, not showing the USD rate. A few days ago the rates were restored and the exchanges started working in full, showing the USD rate as well.

Today, the USD rate in Iran's free market the USD was sold for 37,500 rials, and Euro was sold for 49,000 rials.

Iran's Forex Exchange today sold the USD for 25,455 rials, and Euros were sold for 33,337 rials.