Iran changes central bank head amid currency collapse and massive protests
Kyiv • UNN
Iran has appointed a new head of the Central Bank, Abdolnaser Hemmati, who replaced Mohammad Reza Farzin. This happened amid the sharpest economic crisis in three years and protests over the record depreciation of the rial.
President Masoud Pezeshkian's government has appointed Abdolnaser Hemmati as the new head of the Central Bank of Iran. The personnel changes occurred against the backdrop of the most acute economic crisis in the last three years and mass anti-government demonstrations caused by the record depreciation of the national currency. This is reported by AP, writes UNN.
Details
Hemmati, who previously headed the Ministry of Economy, replaced Mohammad Reza Farzin. The latter resigned on Monday after the Iranian rial showed a historic fall: the US dollar exchange rate on the market soared to 1.38 million rials. For comparison, in 2022, when Farzin headed the department, the dollar cost about 430 thousand rials.
Protests and business demands
The sharp fall in the currency and inflation at 40% provoked a wave of discontent across the country. On Sunday, traders and shop owners in Tehran and other major cities stopped working, taking to the streets with demands for economic stabilization. Protesters accuse the authorities of inefficient management and inability to curb price increases.
Priorities of the new leadership
According to government spokeswoman Fatemeh Mohajerani, Abdolnaser Hemmati's primary tasks will be curbing inflation, strengthening the rial, and reforming the banking sector. Experts note that the new head of the Central Bank will have to act under conditions of strict international sanctions, which remain the main factor of pressure on the economy of the Islamic Republic.