Iran warns against trading foreign currencies

January 15, 2012 13:58

TEHRAN - Iranian authorities will arrest people trading foreign currencies on the black market, media reported on Sunday, in the latest attempt to stop a slide in the currency that has, at least in part, been sparked by new Western economic sanctions.

"Street dealers will be prosecuted and those who carry foreign currencies without an invoice will be arrested as of Sunday," the Ebtekar daily newspaper quoted a deputy central bank governor, Ebrahim Darvishi, as saying.

The Iranian rial fell to a record low against the dollar this month after US President Barack Obama signed a bill imposing sanctions on the Central Bank of Iran, with Iranians rushing to acquire increasingly scarce hard currencies.

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