Monday 06, August 2018 by Bloomberg

Iran central bank deputy arrested in corruption probe

 

Ahmad Araghchi, the Deputy of Foreign Exchange affairs, was arrested as part of a widespread crackdown on graft and corrupt practises in the country’s depleting foreign-currency reserves.

  

The Central Bank of Iran (CBI)’s deputy in charge of foreign-currency affairs has been arrested as part of a judicial investigation into financial corruption, according to local newswire, the Islamic Republic News Agency

The central bank’s public affairs office had earlier denied reports that Araghchi, had been sacked by the bank’s newly appointed central bank governor, Abdolnaser Hemmati. 

Araghchi was arrested and detained on the eve of the first of two deadlines set by US President Donald Trump on companies to stop doing business with Iran before he re-imposes sanctions on the Islamic Republic’s economy. 

Gholamhossein Mohseni Ejei, the Spokesman for Iran’s judiciary, said in a televised interview that Arachghi had been arrested along with an employee in a top government office, four traders and an unlicensed foreign-currency dealer.

Government policies aimed at halting a record decline in the rial’s value over the past few months have backfired, driving public frustration at authorities and fuelling scattered protests in various cities.

 

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more