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Iran central bank top brass detained: judiciary

Araghchi, the nephew of deputy foreign minister Abbas Araghchi, was fired by the new governor of the central bank yesterday, apparently over his handling of the currency crisis.


PTI Last Updated at 05-08-2018 22:37:38 IST Iran Islamic Rep.
Iran central bank top brass detained: judiciary

The Iranian central bank's top foreign exchange official has been arrested, the judiciary said today, a day after he was sacked.

Ahmad Araghchi, who was a vice-governor at the bank in charge of forex, was arrested along with several other unnamed individuals including a government official and four currency speculators, said judiciary spokesman Gholam-Hossein Mohseni Ejeie in a statement, according to state broadcaster IRIB.

Araghchi, the nephew of deputy foreign minister Abbas Araghchi, was fired by the new governor of the central bank yesterday, apparently over his handling of the currency crisis.

Iran's rial has lost more than half its value since April, in part over fears of renewed sanctions by the United States.

An ill-judged attempt to fix the value of the rial in April triggered widespread black-market speculation and accusations of rampant corruption by those with access to cheaper government currency rates.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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