Iran central bank cracks down on illegal currency dealers

Iran Materials 14 January 2012 11:32 (UTC +04:00)

Azerbaijan, Baku, Jan. 14 / Trend F.Milad/

The Central Bank of Iran has banned dealing foreign currencies outside the banking regulations in the free market, saying that illegal brokers will be apprehended.

The central bank's supervisory head Ebrahim Darvishi told the Fars news agency that any illegal buying and selling of foreign currencies will be dealt with as of Sunday. Anyone who needs foreign currency should refer to the banking system or authorized brokers hereafter, he stressed.

The dollar price has peaked to 17,200 rials on Wednesday in Iran's free market despite the Central Bank announced set the official rate at 11,250 rials.

Each Azadi gold coin is currently sold at 6.9 million rials in the free market.

The gold price rise in international markets and the uncertain economic situations in Iran as well as the tightening global sanctions against the Islamic Republic are among the factors which have led to the people' rush toward investing in the gold and foreign currency market, analysts say.