Iran central bank forex chief arrested
The Iranian central bank’s top foreign exchange official has been arrested, the judiciary says, a day after he was sacked.
Ahmad Araqchi, a vice governor at the bank whose portfolio covered forex, was arrested along with several other unnamed individuals including a government official and four currency speculators, says judiciary spokesman Gholam-Hossein Mohseni Ejeie in a televised statement, according to state news agency 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.
— AFP