RSS Feeds

Iran arrests 50 over currency decline

Wednesday - 10/24/2012, 8:23am  ET

TEHRAN, Iran (AP) - Iran's intelligence chief says up to 50 people have been arrested in connection with the decline in the value of the national currency and the chaos that followed the slide.

Heidar Moslehi says those detained have been accused of cooperating with the country's enemies to create currency "disruptions" and economic instability. He spoke after a Cabinet meeting Wednesday.

Iran's rial has lost nearly 40 percent of its value against the U.S. dollar this month. The rate Wednesday _ about 31,500 rials to the dollar _ was a bit better than the record low of 35,500 rials to the dollar earlier this month.

The rial's decline has been blamed on a combination of government mismanagement and the bite from Western sanctions imposed over Iran's suspect nuclear program.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)