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Wednesday, February 21, 2024

Iran replaces central bank governor amid currency drop

Date:

The Iranian government appointed Mohammad Reza Farzin as the new governor of the Central Bank of Iran to replace Ali Salehabadi, whose resignation was accepted by the cabinet.

The move was widely seen as Iran’s latest effort to contain the accelerated fall of its currency’s value against major foreign currencies in the past weeks. The US dollar was sold for 430,000 Iranian rials on Thursday, hitting another historic high.

Farzin, 57, has served as the CEO of Bank Melli, Iran’s largest lender, for the past 16 months.

Ever since the 2018 US withdrawal from the nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), and the reimposition of US sanctions against Tehran, the rial has suffered sharp declines against foreign currencies. Prior to the US pullout, the dollar was traded for about 35,000 rials.

The recent fluctuations in Iran’s foreign currency market are believed to be caused by the protests, uncertainty over the future of the JCPOA revival talks, and fresh sanctions on Tehran imposed by Western countries.

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