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Iran Cracks Down On Currency Traders Amid Steep Fall In Rial

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14:50 15-02-2018
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Iranian authorities have arrested dozens of money changers in Tehran amid a steep decline in the Iranian currency that has sent the rial to a record low against the U.S. dollar, RFE/RL reports.

A video by state broadcaster IRINN on February 14 showed dozens of currency hawkers who usually are stationed across the street from the British Embassy in central Tehran being rounded up by police.

Iran's currency has lost one-quarter of its value in six months, collapsing from 38,400 rials to the dollar in July to a record low near 50,000 in trading on the London currency exchange this week. The police crackdown prompted a small rebound in the currency to 48,220 in trading on February 14.

Tehran's chief of police, General Hossein Rahimi, told local media that around 90 money changers were arrested on the streets of Tehran while 10 money exchange offices were shut down and another 16 offices received official warnings.

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