Iran counts $22 billion in forex abuses under Ahmadinejad
An Iranian official has claimed that companies made millions taking advantage of Iran's subsidized exchange rate in the final years of the Ahmadinejad administration.
![A currency exchange dealer counts U.S. dollar banknotes for a client at a shop in northern Tehran EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to report, film or take pictures in Tehran.
A currency exchange dealer counts U.S. dollar banknotes for a client at a shop in northern Tehran October 3, 2010. Iran's currency, the rial, defied central bank attempts to revive its value on Sunday, remaining weak after falling 13 percent against the dollar last week. Morteza Nikoubazl (IRAN - Tags: BUSINESS POLITICS) - RTXSZ96](/sites/default/files/styles/article_hero_medium/public/almpics/2014/08/RTXSZ96.jpg/RTXSZ96.jpg?h=f7822858&itok=88KfmkZY)
An Iranian official tasked with fighting corruption has said that in the final three years of the administration of former President Mahmoud Ahmadinejad, $22 billion in exchange-rate abuses took place, with companies using access to government-subsidized exchange rates to to buy luxury items or resell goods at a free market rate and pocket the difference.
“Huge amounts of currency at a prime exchange rate was given to importers who, after investigation, it became clear that some of them are not real, meaning they had no foreign existence,” Kazem Palizdar, head of the office for coordinating the fight against economic corruption, to;d Industry and Development Monthly.