Iran Sentences Former Central Bank Chief To 10 Years For Upsetting Currency Market, Mismanagement


Former governor of the Central Bank of Iran Valiollah Seif has been sentenced to 10 years in prison for disrupting order and calm in the currency market, paving the way for illegal trade of foreign currency, and mismanagement during his tenure.

The spokesperson for the Iranian Judiciary announced on Saturday that Seif has been convicted of preparing the ground for illegal trade of currency amounting to $159.8 million and €20.5 million.

Another convict is the then-deputy chief of the Central Bank, Ahmad Araqchi, who has been sentenced to eight years in prison, the spokesman added.

The prosecutor of Tehran said in May that more than $30 billion and 60 tons of gold reserves had been mismanaged by Seif.

Seif’s case, which has been ongoing since shortly after his dismissal in mid-2018, came to a court set up to rule on economic crimes, with the banker being accused of repeatedly violating regulations and of dereliction of duty.

Seif led the Central Bank of Iran when a controversial decision to set an artificial rate of 42,000 rial to the US dollar was implemented in April 2018 in an effort to forcefully unify the country’s multiple exchange rates.

A number of Seif’s deputies were arrested after his sacking. One of them was then-deputy for foreign exchange affairs, Ahmad Araqchi, the nephew of former deputy foreign minister, Abbas Araqchi.

Tasnim News Agency

Tasnim News Agency, which claims to be a private news agency in Iran but is reported be close to the IRGC, was launched in 2012. Its purpose is to cover a variety of political, social, economic and international subjects along with other fields.

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