April 01 2025
The Judiciary has dropped the prosecution of a former governor of the Central Bank of Iran (CBI), Valiollah Seif, and his former deputy governor for foreign exchange, Ahmad Araqchi, in a high-profile corruption case involving alleged currency market manipulation.
The decision, announced on X March 16 by Hessamoddin Ashna, a former advisor to President Hassan Rohani, marks the end of a years-long legal battle.
The case, which began in 2018, accused Seif and Araqchi—the brother of current Foreign Minister Abbas Araqchi—of disrupting Iran’s currency market and facilitating illegal foreign exchange transactions worth $159.8 million and 20.5 million euros during their tenure.
Both officials were initially sentenced to 10 and 8 years in prison. However, the Supreme Court 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. They were awaiting re-trial when the Judiciary decided to drop the case.
Critics of the pair argued that their actions lacked legal authority, while supporters of the men argued their actions were necessary to control market volatility during a period of intense economic pressure from US sanctions