Exclusive Report from VOA: IRGC Has Secured Currency Transactions in the UAE

An exclusive report from VOA about the activities of official and unofficial Iranian currency exchange offices in the United Arab Emirates reveals that security agencies have taken control of currency transactions in the UAE by threatening market actors, and the Central Bank is injecting dirhams into the currency market in the UAE. An active currency market participant in the UAE told VOA that prior to the Islamic Republic's missile attack on Israel and the dollar price rising above 70,000 tomans, there was a daily turnover of $500,000 with Iran in dollars or dirhams, which has currently stopped due to threats from security agents. This market participant stated that a meeting was held between prominent currency market actors in Dubai and a representative of the Islamic Republic's security agencies at a well-known restaurant in Dubai, where all attendees were briefed to cooperate with the IRGC and the Ministry of Intelligence. Another market actor reported indirect interference from the Central Bank in the UAE market, stating that the child of one of the IRGC commanders, through an organization he has in Iran and the UAE, is acting as an 'unofficial agent' of the Central Bank of Iran to inject dirhams into the market and control prices. According to information provided to VOA by this market actor, who wished to remain anonymous, the Central Bank of Iran has injected up to 100 million dirhams into the Dubai currency market through this individual on certain days. Information obtained by VOA indicates that the Islamic Republic's Central Bank, in cooperation with the IRGC's intelligence, is looking to select more individuals to control the currency market in Dubai to prevent fluctuations in the Tehran market by injecting dirhams into this market. VOA's examination of documents obtained from the hacking of the Islamic Republic's security and government devices indicates that the Central Bank's interference in the dirham market in Dubai has a history. In one of these documents, which has also been provided to VOA, based on a letter written by Mohammad Reza Farzin as the Governor of the Central Bank of the Islamic Republic on September 12, 2023, to Ebrahim Raisi, the Central Bank requested permission for a 2 billion dirham injection and intervention in the Dubai market until the end of 2023 to control the currency market. Following the missile and drone attacks by the Islamic Republic on Israel, concerns in the Iranian market peaked, and the price of each US dollar in the Iranian market surpassed 70,000 tomans, leading to a halt in market transactions with the entry of security agencies. VOA's exclusive report from the Tehran market shows that with the increase in currency prices and the creation of a security atmosphere around this market, the dollar continues to be bought and sold near 70,000 tomans, indicating ongoing concerns among small investors. The impact of the Islamic Republic's attacks on Israel on the currency market in Iran - explanations by Reza Ghaibi. The security of the market did not work; the dollar replaces the rial in market transactions. After the market was secured, the Central Bank threatened currency buyers with tax collection. The dollar surpassed 70,000 tomans; missile attacks in Israel, explosions in the Iranian market. Red status in the market; stock market decline, dollar soaring to 66,000 tomans.