Iran denies arrest of exchange market main manipulator

Following the arrest of an Iranian national on charges of manipulating the country’s exchange market Iran’s Judiciary Spokesman Gholam-Hossein Mohseni-Ejei says recent fluctuation in market could not be blamed on one person.

Last week Iran’s security forces arrested tens of people, including Jamshid Besmellah, on charges of manipulating the exchange market. Later, Iran’s First Vice President Mohammad Reza Rahimi claimed that Besmellah has been behind the recent market fluctuations.

Rahimi claimed that the enemies of the Islamic Republic have caused the fluctuations through their agents from inside the country.

Mohseni-Ejei, however, said on Saturday that one person cannot be blamed for the recent disturbance in the market. The Iranian official added that several people have been arrested with regards to this issue but they cannot all be accused of trying to undermine the Islamic Establishment.

Inflation in Iran’s market of coin and dollar has been subsiding with the prices of gold, coin, and foreign currency dropped 4 to 7 percent in the recent week. Compared to the last Wednesday, the price of gold coin has been fell more than 200.000 toman, Mehr reported two days ago.

The rial lost 40 percent of its value against the dollar in early October, and has recovered only marginally since then, which many outside analysts call a bald reflection of the Iranian government’s mismanagement of an economic crisis caused in part by the West’s sanctions against Tehran.