Protesters and police in Iran have gone head to head over steep declines in the country's currency, which has seen the rial fall to record lows against the US dollar in the past few days.

The protesters have called for the Governor to stand down, with hundreds reportedly gathered outside the central bank chanting anti-government slogans. They are said to be angry over a lack of direction from the government during the crisis, which they believe has resulted in more instability in prices.

It has been reported that tear gas has been used to scatter the growing crowds of demonstrators, while many are believed to have been arrested.

According to a BBC correspondent, it has been speculated in Tehran that the protests have been encouraged by conservative traders linked with President Ahmadinejad's opponents in an attempt to remove him from power.

The government is believed to have closed currency exchange shops in an effort to calm the situation.

The President has blamed Western sanctions for the currency's fall, while a significant number of Iranians feel he has mismanaged the financial situation.

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