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Slideshow Iranian police clash with protesters over currency plunge Tweet Share this Email Print Related News Oil falls as Europe's crisis reinforces growth worries Wed, Sep 26 2012 Clashes erupt as thousands of Greeks protest austerity Wed, Sep 26 2012 Exclusive: Vitol trades Iranian fuel oil, skirting sanctions Wed, Sep 26 2012 Spain prepares more austerity, protesters battle police Tue, Sep 25 2012 From Nigeria to Athens, Muslim protests rumble on Sun, Sep 23 2012 Analysis & Opinion Getting away with it while the worldâ€™s cop is off duty A gentle reminder from the police to the press Related Topics World » Middle East Turmoil » A money changer holds Iranian rial banknotes as he waits for customers in Tehran's business district January 7, 2012. Credit: Reuters/Raheb Homavandi By Yeganeh Torbati and Marcus George DUBAI | Wed Oct 3, 2012 11:37am EDT DUBAI (Reuters) - Riot police clashed with demonstrators and arrested money changers in Tehran on Wednesday in disturbances over the collapse of the Iranian currency, which has lost 40 percent of its value against the dollar in a week, witnesses said. Police fired tear gas to disperse the demonstrators, angered by the plunge in the value of the rial. Protesters denounced President Mahmoud Ahmadinejad as a "traitor" whose policies had fuelled the crisis. In a clampdown on the unofficial foreign currency market, a number of traders selling dollars were arrested after authorities ordered security forces to take action against those it sees as speculators. The rial has hit record lows against the U.S. dollar almost daily as Western economic sanctions imposed over Iran's disputed nuclear programme have cut Iran's export earnings from oil, undermining the central bank's ability to support the currency. Panicking Iranians have scrambled to buy hard currency, pushing down the rial whose increasing weakness is hurting living standards and threatening jobs. "Everyone wants to buy dollars and it's clear there's a bit of a bank run," said a Western diplomat based in Tehran. "Ahmadinejad's announcement of using police against exchangers and speculators didn't help at all. Now people are even more worried." The protests are seen as posing a threat to Ahmadinejad rather than the government, which is expected to put a stop to the foreign exchange black market, pump in funds to stabilize the currency and prevent the protests from spreading. Tehran's main bazaar, whose merchants played a major role in Iran's revolution in 1979, was closed on Wednesday. A shopkeeper who sells household goods told Reuters that currency chaos was preventing merchants from quoting accurate prices. A computer dealer said he had halted sales because of the volatility in the currency market. "The same product can change price within an hour," he said by telephone. The protests centered around the bazaar and spread, according to the opposition website Kaleme, to Imam Khomeini Square and Ferdowsi Avenue -- scene of bloody protests against Ahmadinejad's re-election in 2009. Protesters shouted slogans like "Mahmoud the traitor - you've ruined the country" and "Don't fear, don't fear - we are all together," the website said. SECURITY FORCES The semi-official Mehr news agency said the largest gatherings were around the currency-trading centers of Ferdowsi Avenue, the Istanbul intersection, and Imam Khomeini Square and that security forces had been deployed to disperse the protests. Iranian authorities currently do not allow Reuters to report from inside the country. The national currency dived to a record low on Tuesday to 37,500 to the U.S. dollar in the free market, from about 34,200 at the close of business on Monday, foreign exchange traders in Tehran said. On Monday last week, it traded at around 24,600. Ahmadinejad on Tuesday blamed the crisis on the U.S.-led economic sanctions on Iran and insisted the country could ride out the crisis. He said security forces should act against 22 "ringleaders" in the currency market. Iran's Supreme Leader Ayatollah Ali Khamenei struck a defiant note in a speech on Wednesday. "The Iranian nation has never submitted to pressures and never will, and this is why the enemy is angry," he said. Mehrdad Emadi, an Iranian-born economic adviser to the European Union, said the slide in the rial had prompted many Iranians to try to limit their losses by buying dollars. "The rush out of the rial shows that everyone wants to sell. But clearly it is going to make the life of ordinary Iranians very painful and difficult," he said. The rial's slide suggested the Western sanctions were having a serious impact. Many businessmen and ordinary citizens say the government is at least partly to blame for the currency crisis, and Ahmadinejad has been criticized by enemies in parliament. The rial's losses accelerated in the past week after the government launched an "exchange centre" to supply dollars to importers of basic goods; businessmen say the centre failed to meet demand for dollars. Websites providing rates for the rial stopped updating on Tuesday, and Dubai money changers said they were not selling it because they had lost contact with their Tehran counterparts. (Writing by Samia Nakhoul, Additional Reporting by Yeganeh Torbati and Marcus George; Editing by Giles Elgood) World Middle East Turmoil Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (6) wyldbill wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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