Last Updated on January 1, 2026 6:09 pm by INDIAN AWAAZ
AMN/ WEB DESK
Iran has appointed a new central bank governor following the resignation of the incumbent amid mass protests triggered by a sharp fall in the national currency.
The official IRNA news agency reported that President Masoud Pezeshkian’s Cabinet on Wednesday appointed Abdolnasser Hemmati as Governor of the Central Bank of the Islamic Republic of Iran. He replaces Mohammad Reza Farzin, who stepped down on Monday, a day after large protests erupted across Tehran and other cities over the rapid depreciation of the rial.
The U.S. dollar traded at around 1.38 million rials on Wednesday, compared with about 430,000 rials when Farzin assumed office in 2022.
Economists say inflation hovering around 40 per cent has significantly eroded purchasing power, driving public anger and street demonstrations. Several traders and shopkeepers were reported to have closed their businesses as part of the protests.
Government spokeswoman Fatemeh Mohajerani said Hemmati’s mandate would focus on curbing inflation, strengthening the currency and addressing weaknesses in the banking sector.
Hemmati, 68, previously served as minister of economic and financial affairs, but parliament dismissed him in March over allegations of mismanagement.
The currency crisis, combined with high inflation and the impact of Western sanctions linked to Iran’s nuclear programme, has pushed up the prices of food and basic goods, deepening pressure on household budgets and intensifying calls for economic reform.