The spokesperson for the Iranian Judiciary announced on Saturday that Seif has been convicted of preparing the ground for illegal trade of currency amounting to $159.8 million and €20.5 million.
Another convict is the then-deputy chief of the Central Bank, Ahmad Araqchi, who has been sentenced to eight years in prison, the spokesman added.
The prosecutor of Tehran said in May that more than $30 billion and 60 tons of gold reserves had been mismanaged by Seif.
Seif’s case, which has been ongoing since shortly after his dismissal in mid-2018, came to a court set up to rule on economic crimes, with the banker being accused of repeatedly violating regulations and of dereliction of duty.
Seif led the Central Bank of Iran when a controversial decision to set an artificial rate of 42,000 rial to the US dollar was implemented in April 2018 in an effort to forcefully unify the country’s multiple exchange rates.
A number of Seif’s deputies were arrested after his sacking. One of them was then-deputy for foreign exchange affairs, Ahmad Araqchi, the nephew of former deputy foreign minister, Abbas Araqchi.