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Currency: Fog
Main article: Fog (Iranian currency)
Key rate
2023: Integration with the banking system of the SPFS of Russia
In January 2023, Russia and Iran signed an agreement on facilitating banking operations: SPFS of the Bank of Russia and SEPAM of the Central Bank of Iran are now united, and a direct connection has been established between the banks of the countries.
As part of the agreement, Iran's banking network will also be directly linked to 106 foreign non-Russian banks.
2021: Ex-head of the Central Bank of Iran sentenced to 10 years for currency fraud
In October 2021, the former head of the Central Bank of Iran, Valiollah Seif, was sentenced to 10 years in prison for currency fraud. Seif is accused of negligence, violation of foreign exchange market conditions and illegal foreign exchange trading, in particular the sale of $159.8 million and €20.5 million.
The court has already sentenced the deputy chairman of the Central Bank Seyed Araghchi to eight years in prison for illegal currency transactions. A total of 10 officials of the Central Bank of Iran appear in the case of illegal currency transactions. They also received prison sentences.
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