CBI Manipulated Hard Currency Market Under 10th Government

Tehran, Oct 6, IRNA – The Economic Commission of the Majlis (Parliament) in a recent report has unveiled a shocking conspiracy between the Central Bank of Iran and three money changers which led to 70-thousand-billion-rial corruption in the year 1390 (2011-2012). The report further discloses the main reasons for the turbulent hard currency market in recent years. The hard currency market which is calm today suffered such turbulence in recent years to the extent that only in one year the value of the US dollar increased 80%. The dollar rate which was 9,660 rials in 2008 and was traded at open market for less than 10,000 rials suddenly and in the course of three years faced an unprecedented leap and was traded in the open market for 19,000 rials. Although economic experts blamed the sanctions and the resultant problems in transfer of hard currency as the main reason behind such a dive in those years, now after the passage of three years the issue of a 70-thousand-billion-rial profit of three money changers with the cooperation of the Central Bank of Iran has been revealed. Recently, head of the Economic Commission of the Majlis Arsalan Fathipour disclosed 70-thousand-billion rent of three money changers with the collaboration of the Central Bank. He said he had collected all the relevant documents and has submitted them to Majlis deputies in a closed session and the case has been sent to the judiciary. Stressing that this rent taking has occurred in the 10th government, he said officials of the then government should be accountable, adding that soon the Economic Commission will release the details in this connection and the violators will be prosecuted. Meanwhile, a former Central Bank official has said that a 6-member committee has investigated the case and announced the measures taken by the CBI had been appropriate. Rejecting the charges, he said under the condition of hard currency crisis, the market had to be properly managed and since at that time the CBI and many other banks were subject to the sanctions, LCs were opened through money changers of the banks./end