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IRAN APPOINTS NEW CENTRAL BANK GOVERNOR AMID CRITICISM OVER MONETARY ISSUE

The Iranian President, Hassan Rouhani's cabinet, on Wednesday, gave a vote of confidence, to Abdolreza Hemmati, and appointed him as the new governor for the Central Bank of Iran (CBI), it was reported.

Hemmati is replacing Valiollah Seif, after the former chief was stormed by the critics, over the depreciation of Iran's currency value.

The change in CBI's management, is aimed at reforms in the banking system, and financial policies, to improve banking relations with the world, and foster bilateral financial deals, Rouhani was quoted as saying.

In recent months, Iran has faced volatile situation in its foreign exchange rates.

Hemmati, 61, is named as the father of private insurance in Iran.

He was picked as the managing director of Bank Melli Iran (BMI), about five years ago, and remained in the post until 2016.

Source: NAM NEWS NETWORK


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