News

Iran will begin Thursday limiting the amount of money individuals can withdraw daily in what officials say is a measure to battle money laundering but analysts see as an attempt to curb inflation by slowing the flow of money.

Deputy Finance Minister Asghar Abolhasani said withdrawals of more than 150 million rials (roughly $15,000) per day would be banned "in order to combat money-laundering," state radio reported. The decision means an account holder cannot withdraw more than that amount daily in cash, but can still write checks for larger amounts.

Finance Minister Shamsoddin Hosseini told a conference Wednesday that "controlling the cash" would serve to battle money-laundering and financial terrorism.