Iran has executed a currency trader known as the "Sultan of Sovereigns" and an accomplice by hanging.

Vahid Mazloumin and another member of his currency trading network both received the death penalty after hoarding some two tonnes of gold coins to manipulate prices, the Iranian Students' News Agency reported on November 14. They were found guilty of "spreading corruption on earth", a capital offense.

Demand for gold sovereigns and dollars in Iran has skyrocketed in the face of the reimposed US sanctions regime. It has caused economic turmoil in the Islamic Republic that has wiped out around 70% of the Iranian rial’s (IRR’s) value against the USD, while gold coins have grown more expensive amid the rush for stable assets.

Against the backdrop of financial dire straits and the return of recession, Iranians have grown more unsettled about perceived corruption. Partly as a nod to this, in August, Iran's Supreme Leader Ayatollah Ali Khamenei approved a judicial request to create special courts to deal with those suspected of financial crimes, especially when it comes to profiteering offences that exploit the economy’s new difficulties.

Mazloumin was arrested in July for operating as a speculator. He was accused of amassing gold sovereigns with the aim of later manipulating market prices.

The second man executed was reportedly involved in the sale of gold coins, according to Mizan, the official website of Iran's judiciary.

"Use of the death penalty is appalling under any circumstances," rights group Amnesty International said in a statement on November 14. It added that under international law "the death penalty is absolutely forbidden for non-lethal crimes, such as financial corruption".