Iran Clamps Down On Black Market Currency Trading

iranian riyal

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TEHRAN, Iran (AP) — The deputy governor of Iran’s central bank says trading in foreign currency outside of banks or licensed money changing operations is forbidden.The announcement by Ehrahim Darvish on state radio Monday marks the latest step by the government to curb the steep depreciation pressures on the Iranian rial, which has shed roughly 40 per cent of its value against the dollar since December 2010.

Darvish said that new restrictions enacted Sunday hold that any foreign currency traded outside of banks or foreign exchange offices is considered smuggled money subject to confiscation.