In a warning to merchants, Iran authorities sentenced two people to death by hanging for illegal gold trading, including the famous “Sultan of Coins”. An Iranian court executed Ahid Mazloumin and his assistant Mohammad Esmail Qassemi early Wednesday morning. Mazloumin’s gold and currency trading were said to plunge the Iranian currency market into turmoil. The Rial plummeted about 70% against the U.S. dollar. Authorities state that Mazloumin’s network was vast and influential. Consequently, he was classified as one of the most unlawful players in the coin and foreign-exchange market. Mazloumin was sentenced to death on September 8th for official charges of disturbing the Iranian economy. His defense stated that the Iranian Central Bank had no limits on how many coins a person could hold. This defense did not hold up in court.
What’s Happening?
Specifically, authorities have stated that they will take drastic measures against anyone who disrupts the economy. Additionally, in response to economic hardships, Iran has implemented a zero-tolerance policy against alleged financial crimes. As a result, people have been sentenced to death since the crackdown began. Hence, authorities state that they will survive this economic storm from the U.S. withdrawing from Iran’s energy, banking, automotive, and gold sectors.
Other Opinions
Many countries, as well as human rights groups, have stated that they are concerned about the rising number of executions in Iran. Amnesty International has said that International laws speak out against the death penalty for any non-lethal crimes, including financial ones. Gold demand has increased in Iran as the currency has declined in value.
What’s to Come…
With protesters taking to the streets over economic hard times and widespread corruption, the Iranian government has also vowed to help the poor with assistance such as food packages. These packages have included meat, cooking oil, and dairy. They will reach 2.7 million Iranians. While President Hassan Rouhani’s government is assisting the needy, Supreme Leader Ayatollah Ali Khamenei states “that Iran can fix its economic problems by properly allocating its domestic resources”. Iranian Rial has plunged to about 135,000 to the dollar from last year’s rate of 40,500. Hence, authorities blame the “sultan” for hoarding gold, manipulating the coin, and through illegal and unauthorized deals. Therefore, the Iranian Government has implemented this zero-tolerance policy after declaring the economy a “war situation”.
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