Iran key FX data source shuts down after central bank criticism

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Mikhail Vnuchkov

09.01.2025

Iran key FX data source shuts down after central bank criticism — Iran key currency tracking website goes offline after cyberattacks

Bonbast.com, Iran's leading website for tracking the rial's open-market exchange rate, was taken offline following a wave of cyber attacks and increasing security concerns.

The decision to shut down the site, which serves as a critical resource for foreign exchange traders and Iranian citizens, comes after harsh criticism from Mohammad Reza Farzin, the head of the Central Bank of Iran. According to a statement from Bonbast administrators, the website was targeted by "severe" distributed denial-of-service (DDoS) attacks, which flooded the site with overwhelming traffic, making it inaccessible to users, reports Bloomberg.

The attacks intensified after Farzin publicly criticized the site for providing what he described as an “unrealistic signal” to the currency market. Bonbast, which operates servers in the United States, has long been a go-to source for tracking Iran's fluctuating open-market exchange rates, which often diverge significantly from the government-set official rates.

In response to the cyber onslaught and growing security risks for those involved in running the site, Bonbast's administrators decided to take it offline. A representative for the site confirmed the decision, citing concerns about the safety of their families and colleagues in Iran but declined to provide further details.

Impact on the Iranian Currency Market

The shutdown of Bonbast has left a significant gap in the market, particularly as the rial continues to plummet to record lows against the US dollar. Analysts attribute the currency’s depreciation to several factors, including ongoing US and Western sanctions, internal instability involving Iran and its proxy militias, and declining oil prices. These economic pressures have severely weakened Iran’s financial position, contributing to the rial’s freefall since last year.

Farzin’s remarks, reported by the Iranian Labour News Agency, suggest that the website’s data has added to the instability by providing a market signal that does not align with the government’s official rates. The Central Bank Governor’s criticism follows a broader government effort to manage the rial’s value in the face of rising economic challenges.

As Iran continues to grapple with economic instability, the closure of Bonbast underscores the growing tension between government control of currency information and the reality of the open market. The continued weakness of the rial and the uncertain geopolitical landscape suggest that similar sites may face scrutiny or further disruption in the future.

Additionally, European equities may stage a significant rebound in 2025, fuelled by improving economic prospects and a favourable outlook for corporate earnings, according to strategists at Deutsche Bank AG.

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Iran key FX data source shuts down after central bank criticism

Impact on the Iranian Currency Market

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