Markets

Zanjani Launches Private Gold Market Despite Central Bank Warnings - IranWire

Source: IranWire

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DW NOTE

Babak Zanjani — the billionaire who spent seven years on death row for embezzling $2.8 billion from Iran's oil ministry — is now running a private gold exchange in open defiance of the central bank. With the rial effectively worthless and the Strait shut for 133 days, Tehran can't enforce monetary control without the hard currency to back it. Zanjani knows this. So does everyone buying his gold.

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For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

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