TEHRAN, Feb. 25 (Xinhua) -- Iran's currency rial gained ground Sunday after hitting an all-time-low against major foreign currencies two weeks ago.
In the street market in the capital Tehran on Sunday, one U.S. dollar was traded for 45,000 rials, down from 49,500 rials on Feb. 13, which was the highest record. Meanwhile, one euro was traded for 54,600 rials, down from 61,500 rials.
The rebound of the local currency follows the "rescue package" of the Central Bank of Iran (CBI) to stabilize the currency that has lost some 18 percent of its value since Dec. 2017.
On Feb. 14, it was announced that the Iranian banks were "re-authorized for two weeks to offer interest rates of up to 20 percent on one-year-long deposits."
Local reports also said that police have arrested 90 illegal currency traders "who were deemed market disruptors."
Besides, authorities also closed the bank accounts of 775 people suspected of distorting the foreign exchange market with the transfer of 4 billion U.S. dollars, Financial Tribune daily reported.
CBI Governor Valiollah Seif defended the crackdown, saying the move was in line with "global norms."
In order to attract investors, CBI has also issued currency bonds in rial, but their value would be calculated in foreign currencies.
The turbulence in Iran's currency market over the past month was widely believed to be related to the rising tension between Iran and the United States over the 2015 Iranian nuclear deal, which the latter has threatened to pull out.
