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WorldIran executes men for hoarding gold coins amid currency crisis

12:16  15 november  2018
12:16  15 november  2018 Source:   usatoday.com

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Iran has executed a currency trader known as the "Sultan of Coins " for amassing some two tonnes of gold coins . Mr Mazloumin was arrested in July for operating as a speculator and accused of hoarding gold Both men were executed by hanging. Why are gold coins in high demand in Iran ?

TEHRAN, Iran -- Iran executed the so-called "Sultan of Coins " and his accomplice on Wednesday for hoarding gold coins and other hard currency , signaling zero tolerance as it tries to shore up its currency in the face of an economic crisis . State TV reported that Vahid Mazloumin and his

Iran executes men for hoarding gold coins amid currency crisis© Derek Brumby/iStockphoto/Getty Images Flag of Iran Iran executed two currency traders for allegedly hoarding gold coins and attempting to manipulate prices at a time when the country's economy is reeling from re-imposed U.S. sanctions following President Donald Trump's withdrawal from a nuclear deal.

Vahid Mazloumin and Mohammad Esmail Ghasemi were convicted of "spreading corruption on Earth" and making "illegal deals" that destabilized currency markets, state-run IRNA news agency reported Wednesday. Both men were executed by hanging.

Mazloumin, 58, dubbed by Iranian media as the "Sultan of Coins," was arrested in July as part of a sweeping crackdown by Tehran on unauthorized deals and smuggling. He had two tons of gold coins in his possession. Ghasemi was his accomplice.

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Iran executed two currency traders for allegedly hoarding gold coins and attempting to manipulate prices at a time when the country's economy is He had two tons of gold coins in his possession. Ghasemi was his accomplice. A noose hung up by Iranians living in exile in Germany is seen during a

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Iranians have stocked up on gold coins and other safe-haven investments as the local rial currency has plummeted in the wake of Trump’s May withdrawal from the 2015 nuclear deal between Iran and world powers. The Iranian rial has plunged to approximately 135,000 to the dollar from last year’s rate of around 40,500.

Iranian authorities have tried to stabilize currency prices by introducing a single official dollar exchange rate, but that has not stopped a parallel black market rate.

The U.S. clampdown that restricts Iran's access to the international banking system and limits its ability to export products from its lucrative energy industry will trigger an economic recession in the nation next year, according to the International Monetary Fund. Iran already suffers from persistently high inflation and unemployment.

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TEHRAN, Iran — Iran executed the so-called “Sultan of Coins ” and his accomplice on Wednesday for hoarding gold coins and other hard currency , signaling zero tolerance as it tries to shore up its currency in the face of an economic crisis . State TV reported that Vahid Mazloumin and his

Iran has executed two men accused of hoarding gold coins to manipulate the market price. Vahid Mazloumin -- a gold dealer known as the Sultan of Coins -- and his assistant, Mohammad Esmail Qassemi, were hanged after being sentenced to death in October for forming an illegal gold trading

The sanctions have also made it harder for Iranians to acquire some essential medicines and supplies, although Washington insists the sanctions do not target humanitarian goods. Spiraling living costs have occasionally led to protests.

Amnesty International said that dozens of other people have also been sentenced to prison terms after convictions on similar charges faced by Mazloumin and Ghasemi. It said Iran uses special courts that are inherently unfair because defendants are denied access to lawyers and have no right to appeal. "With these abhorrent executions the Iranian authorities have flagrantly violated international law and once again displayed their shameless disregard for the right to life," the group said in a statement.

Iran’s Supreme Leader Ayatollah Ali Khamenei established the special courts to deal with crimes involving suspected financial corruption in August.


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