Central bank chief of Iran, sentenced to 10 years in jail

According to a judiciary spokeswoman, a court sentenced the former governor of Iran’s central bank to ten years in jail. Which is for breaching the country’s monetary system.

Valliollah Seif had a part in smuggling foreign cash in addition to breaching the currency system. According to Zabihollah Khodaeian, a spokesman for the judiciary.

According to Khodaeian, Ahmad Araghchi, Seif’s then-deputy, sentenced to eight years in prison on the same accusations. As he said, eight more people were sentence to varying jail sentences. The right to appeal is available to all defendants.

Under former President Hassan Rouhani, Seif served as governor of Iran’s central bank for five years, until 2018. From 2017 to 2018, Araghchi served as his deputy.

They were allegedly involve in currency market breaches in 2016. When the Iranian rial was losing a significant amount of value versus major international currencies.

According to state television, the accused unlawfully put $160 million and 20 million euros into the market.

When Araghchi took office in 2017, the rial exchange rate was 39,000 to $1. But by the time he was remove in 2018, it had risen to more than 110,000 to $1. The shift corresponded in part with the imposition of tough US sanctions on Iran.

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In recent months, the rial has dropped from approximately 32,000 rials to $1. At the time of Iran’s 2015 nuclear deal with international powers to around 27,000 rials to $1. After President Donald Trump’s decision to withdraw from the nuclear agreement. Also reimpose severe trade sanctions on Iran in 2018.

Iran’s oil exports, which are the country’s major source of revenue, have plummeted as a result of the sanctions.

Read more about: Former governor of Iran’s central bank Valliollah Seif

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