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Iran executes 'Sultan of Coins' for amassing 2 tons of gold

08:10 PM | 14 Nov, 2018
Iran executes 'Sultan of Coins' for amassing 2 tons of gold
TEHRAN - Iran has executed a currency trader for manipulating coin and currency markets, local media reported on Wednesday.

Vahid Mazloumin, known as ‘Sultan of Coins’, and another member of his currency trading network received the death penalty for "spreading corruption on earth", the Tehran Times reported.

They were put to death after the Supreme Court upheld their death sentences and the legal processes were completed, Tasnim reported.

Mazloumin, 58, known as the “sultan of coins” was arrested in July for hoarding two tons of gold coins over a ten-month period and several of their accomplices have been jailed.

Mazloumin was one of at least seven people handed death sentences this year in trials in the new finance-focused special courts, some of which were broadcast live on state television.

Many Iranians have stocked up on gold coins and other safe haven investments as the rial has plummeted this year to 135,000 to the dollar from last year’s rate of around 40,500.

The International Monetary Fund (IMF) has predicted that Iran's inflation rate will jump to over 40 percent by the end of the year and that US sanctions will lower economic output down by 1.5 percent this year.

Daily Pakistan Global Web Desk

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Today Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 24 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 24, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 278.4 for buying and 280.1 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.45.

British Pound rate is 354.5 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal hovered at 73.6.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 278.4  280.1 
Euro EUR 301.35 303.45
UK Pound Sterling GBP 354.5 358.35
U.A.E Dirham AED 76.5  77.25
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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