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$20 billion sent to Istanbul and Dubai to control exchange rate

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Staff writer ▼ | January 21, 2015
Iranian First Vice President Eshaq Jahangiri has accused the former Iranian government of transferring huge amounts of money to Istanbul and Dubai in order to keep currency rates under control.
Eshaq Jahangiri
Currency   Iranian vice president Eshaq Jahangiri
While speaking at the 43rd meeting of representatives of Iran Chamber of Commerce, Industries, Mines and Agriculture on Jan. 17, Jahangiri criticized the previous government for its policies, including sending more than $20 billion to Istanbul and Dubai within 18 months to control the exchange rate, Iran’s state news agency IRNA reported according to

Jahangiri also expressed his concerns over economic privileges granted by the state to a "young lad," without directly referring to Babak Zanjani.

"We wonder how a young lad received more than $2.7 billion of oil income; if this lump sum is not restored to the financial system of the country, it would be a disgrace for the country; the public is now patiently watching us and will definitely ask when the amount embezzled would return to the country," he said. "As the government, we have not yet found anything out beyond mere speculations."

"This issue does not seem to end with the cleaning of Turkey. If Zanjani says some part of the money is now in the hands of Reza Zarrab one day, the Iranian government will ask for this money back and freeze Zarrab’s assets," said Republican People’s Party (CHP) minister Ali Özgündüz Jan. 20, when a vote was scheduled to refer four former ministers, who are charged with corruption, to the Supreme Court.