Iran yesterday replaced its central bank chief, amid fallout over banking scandals and the crisis facing the country’s economy, local media reported.
Valiollah Seif, who had served as the bank’s governor since Iranian President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a Cabinet meeting, the official Islamic Republic News Agency (IRNA) reported.
Hemati, 61, previously served as head of Central Insurance of Iran, as well as Sina Bank and Bank Melli. He had been slated to become ambassador to China until he was recalled at the last minute.
Seif has been criticized particularly over his handling of a currency crisis that has seen the rial lose more than half its value against the US dollar in the past year.
An attempt in April to enforce a fixed rate for the rial sparked a boom in black market exchanges, forcing the central bank to backtrack as the currency’s street value crashed to record lows last month.
The crisis coincided with Washington’s announcement in May that it was pulling out of the 2015 nuclear deal and reimposing full sanctions on Tehran, exacerbating the run on the rial.
The US also slapped individual sanctions on Seif in May, accusing him of helping Iran’s Revolutionary Guard Corps transfer millions of dollars to Lebanon’s Hezbollah.
Rouhani thanked Seif for his “strong and serious service,” and said that the Cabinet had “full confidence” in Hemati.
A key priority was tackling “illegal credit institutions,” he said.
Bankruptcies at several unlicensed lenders — which had offered high interest rates and cheap loans with little capital to back them up — wiped out the savings of millions of depositors and have been a key driver of protests.
Rouhani vowed to crack down on unlicensed banks when he came to power. His government has been pressured to repay lost deposits, further straining resources.
Separately, Ali Tayebnia was appointed head of the Management and Planning Organization of Iran, which drafts the country’s annual budget, according to the Tasnim news agency.
Tayebnia served as minister of economic affairs and finance during Rouhani’s first term.
The new appointments suggest Rouhani, who has mostly touted the economic successes of his administration, is acknowledging a need for change to stifle criticism and tamp down ongoing protests.
“The situation today requires that a new force with fresh breath be brought in,” Rouhani said, IRNA reported.
Ordinary Iranians have also been criticizing the government on social media, emphasizing the difficulties they face in making ends meet.
Additional reporting by Reuters
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