Hemmati appointed as new Iran Central Bank governor after currency fluctuations
Iran has named a new governor to head its central bank after the resignation of the former head after a period of fluctuations and currency adjustments against the US dollar.
President Masoud Pezeshkian’s cabinet on Wednesday appointed Abdolnasser Hemmati as the new governor of the Central Bank of Iran (CBI).
He succeeds Mohammad-Reza Farzin, who resigned on Monday after recent shifts in the exchange rate of the Rial against the US dollar.
The US dollar was trading at about 1.38 million rials on Wednesday, compared with roughly 430,000 rials when Farzin took office in 2022.
Government spokeswoman Fatemeh Mohajerani said Hemmati’s priorities include managing inflation, supporting currency stability, and addressing structural issues in the banking sector. She shared the information in a post on the social media platform X on Wednesday.
Hemmati, 68, previously served as minister of economic and financial affairs under President Pezeshkian and has held several senior roles in Iran’s financial system. He had served as the CBI governor under former president Hassan Rouhani.
Speaking to reporters on the sidelines of the cabinet meeting on Wednesday, Hemmati said the central bank’s main responsibility is “to control inflation and supervise banks.”
He said his return to the central bank followed his assessment that conditions were appropriate for public service, adding that addressing current economic challenges requires cooperation among all branches of power.
“I promise the people that we will ensure economic stability. Controlling inflation is our responsibility, and the cause of inflation is the budget deficit, which must be brought under control. I will take action against insolvent and unbalanced banks,” Hemmati said.
“People’s livelihoods are our priority, and we are following this up. We have a plan to gradually eliminate the distortions created by the multi-tiered exchange rate system, which itself is one of the causes of imbalances. I promise the people that the foreign exchange market will achieve stability,” he added.
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