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10/25/12

Intelligence Minister warns regional countries manipulating Iran's forex market

Source: Mehr News Agency, Tehran

Iranian Intelligence Minister Heydar Moslehi has warned certain regional countries that have been assisting the efforts to create turmoil in Iran's foreign exchange market.

Heydar Moslehi
Iranian Intelligence Minister Heydar Moslehi

"The countries around us that are helping foreign agencies create disruption in the foreign exchange market and that think they can disturb the foreign exchange market must be aware that we are monitoring their actions and activities and will take the necessary measures at an appropriate time," Moslehi told reporters after a cabinet meeting on Wednesday.

He added, "The people must remain vigilant about outsiders' actions and the objectives they pursue through distorting the foreign exchange market. The warning I would like to give is that those cooperating with outsiders... must not use the current atmosphere to create fitna (sedition) against the causes of the revolution. We are constantly monitoring their moves."

Elsewhere in his remarks, Moslehi stated that about 50 people have been arrested so far on charges of manipulating the foreign exchange market.

The Iranian currency, the rial, has lost nearly 40 percent of its value against the dollar this month.

The rial rose against the U.S. dollar on Wednesday, when it traded for 31,500 rials, a bit better than the record low of 35,500 rials to the dollar hit earlier this month.

It is widely believed that the decline in the value of the rial is in large part due to mismanagement by the government.

Govt. officials and private sector entrepreneurs hold meeting

Vice President Mohammad Reza Rahimi and a number of other government officials held a meeting with private sector exporters and importers on Wednesday afternoon to discuss the details of the sale of foreign currency by exporters in the domestic market.

The representative of the Central Bank of Iran did not attend the meeting.

However, in his latest remarks, Mohammad Nehavandian, the chairman of Iran's Chamber of Commerce, Industries and Mines, asked the government to allow private sector exporters and importers to set the exchange rates for foreign currencies and to avoid unnecessary interference in this matter.

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