Iran’s former Central Bank officials cleared of currency manipulation charges

The decision, announced by Hessamoddin Ashna on Sunday on X social media platform, a former advisor to ex-president Hassan Rouhani, marks the end of a years-long legal battle.

Ashna criticized those who tarnished their reputations, emphasizing the importance of accountability.

The case, which began in 2018, accused Seif and Araghchi of disrupting Iran’s currency market and facilitating illegal foreign exchange transactions worth $159.8 million and €20.5 million during their tenure.

Both officials were initially sentenced to 10 and 8 years in prison. However, the Supreme Court later overturned the verdict in 2023, citing insufficient evidence and noting that their actions were authorized by higher authorities, including the president and the Supreme National Security Council, to stabilize the currency market.

The controversy stemmed from the Central Bank’s intervention in the “futures currency market” during a period of economic instability in 2017.

Critics argued that the actions lacked legal authority, accusing the officials of mismanagement and corruption, while supporters argued that their actions were necessary to control market volatility during a period of intense economic pressure from US sanctions.