Khamenei Requests 'Detailed Report' from Rouhani on Coin and Currency Market Issues

Several news agencies in Iran reported that the Supreme Leader of the Islamic Republic, Ali Khamenei, has instructed President Hassan Rouhani to provide him with a 'detailed report' regarding the ambiguities surrounding the state currency and coins allocated to companies and individuals in recent months. According to Mehr News Agency, Ayatollah Khamenei expressed concern over reports indicating 'ambiguities regarding the allocation of currency and coins in recent months and the uncertainties created in public opinion.' Following instability in Iran's currency market, the government allocated state currency at a price of 4200 tomans to several companies for imports. Subsequently, reports emerged regarding 'violations' by some of the companies receiving currency, and Akbar Turkan, an advisor to the Iranian President, stated that importers were selling goods acquired with the 4200 toman currency at a price of 8000 tomans per dollar using 'a thousand tricks and deceit.' The Iranian Ministry of Communications also published a list of recipients of state currency, revealing that while these companies received 220 million euros in state currency, they only imported 75 million euros worth of phones. Following the publication of the list, it became evident that the imports conducted by some companies were unrelated to their business fields. For instance, a company like 'Petro Yas,' which operates in the oil sector, imported animal feed, while 'Rahrovan Khodro' imported tea and 'Shayan Khodro Adak' imported paper. The Central Bank of Iran began pre-selling coins last February to reduce the price of coins in the market, a process that was halted on Tuesday, May 7. Previously, the head of the country's Inspection Organization stated that in the coin pre-sale scheme, 50 individuals purchased approximately 380,000 coins, which is five percent of the total coins, and made about one million tomans profit per coin. In this context, Hossein Rahimi, the commander of Tehran's police, announced last Wednesday the arrest of an individual he referred to as the 'Coin Sultan,' who reportedly amassed about two tons of coins in ten months. This individual was arrested despite the fact that according to the regulations of the Central Bank of Iran, there are no restrictions on purchasing coins, and holding coins is not considered a crime under any law in the country. In related news, the head of the Central Bank of Iran announced the commencement of a 'secondary currency market.'