Over 150 held in Iran over alleged currency manipulation

By Abdolsalam Salimi Poor and Muhammed Melih Ahishali

ISTANBUL (AA) – At least 153 people have been detained in Iran's capital Tehran for allegedly manipulating the exchange rate market, local media reported.

"In Tehran, 153 people were detained for raising prices on social media beyond their real price and for raising the foreign exchange market by arranging fake deals," Iranian Students' News Agency (ISNA) quoted Tehran financial police chief Hedayet Bahrami as saying.

While $1 is currently trading for 40,000 toman in Iran, the national currency has lost its value by about 35% in the last three months.

Economic research website Eco-Iran explained the reason for the decline as "the lack of progress in the nuclear agreement process, the budget deficit and the decrease in the exports of petrochemical products."