Iran's Central Bank Currency Deputy Arrested

On Sunday, August 14, the spokesperson for Iran's judiciary announced the arrest of Ahmad Iraqchi, the currency deputy of the Central Bank of Iran. According to a report published by the judiciary's news agency, Mizan, Gholamhossein Mohseni Ejei stated, "In continuation of the investigation into the disruptors of the country's monetary and banking system, the cases of three individuals have been completed and sent to court, and their trial will begin soon." He continued, "Additionally, several others have been pursued and arrested today. One of them is the currency deputy of the Central Bank, who I heard has recently been sidelined." Ahmad Iraqchi is the nephew of Abbas Iraqchi, Iran's Deputy Foreign Minister, and has faced significant criticism in recent months due to his performance at the Central Bank and the fall of the national currency's value. The spokesperson also reported the arrest of "an employee of one of the vice presidents and four currency brokers who were engaged in unauthorized activities." He added, "An unauthorized currency dealer was summoned and, after investigations and the clarification of charges, was sent to prison under temporary detention." The IRNA news agency, in an interview with a person identified as an "informed source," denied the arrest of an employee of the presidency, stating that "the individual was previously a contract employee of the presidency and has settled all accounts." It was added, "This person had no responsibilities in any of the vice presidencies or subdivisions of the presidency during the twelfth government." Mr. Ejei had also reported on August 7 that 29 individuals described as "disruptors of the country's economic system" had been arrested, with many facing charges of "corruption on earth." The charge of "corruption on earth" can sometimes lead to a death sentence. The Iranian currency and gold market has been highly turbulent in recent months, with the price of each US dollar even exceeding 12,000 tomans. However, on the eve of the announcement of new currency policies, which are set to be announced tonight, the dollar price has dropped below 10,000 tomans. The developments in Iran's markets coincide with the reinstatement of US sanctions against Iran following its withdrawal from the JCPOA, which will resume on Tuesday, August 15. Sanctions on the exchange and buying and selling of rials, as well as purchases or facilities related to government borrowing, will take effect from tomorrow. Another sanction that the Iranian market will witness is the sanctioning of the automotive sector. Some of the licenses that the US government issued after the JCPOA will also become ineffective from August 15, including the license for importing Iranian goods such as carpets and food items to the US, as well as the purchase of passenger planes and spare parts, which was considered one of the significant achievements of the JCPOA for Tehran. The US exited the JCPOA on May 8 of this year and announced that it would impose severe sanctions against Iran. However, last week, it explicitly expressed readiness to meet with Iranian officials and negotiate a new agreement with Tehran, but Iranian officials reacted negatively to it.