A general view of the Central Bank of the Islamic Republic of Iran in Tehran, Iran January 25, 2023. Majid Asgaripour/WANA (West Asia News Agency)/Handout via REUTERS/File Photo Purchase Licensing Rights, opens new tab
DUBAI, Oct 30 (Reuters) – Mohammad Reza Farzin will stay in post as the head of Iran’s Central Bank according to a decree signed by the country’s new president, Masoud Pezeshkian, state media reported on Wednesday.
Farzin was appointed as central bank chief in December 2022 by the late President Ebrahim Raisi and tasked with controlling the value of foreign currency in Iran’s economy, which has been battered by U.S. sanctions.
Since Farzin’s appointment, the value of the Iranian rial has dropped by around 60% against the U.S. dollar, but he has managed to slow the annual rate of inflation to below 40%.
Farzin was formerly the CEO of Bank Melli Iran and was chairman of the board of Karafarin Bank prior to that, according to state media.
Pezeshkian replaced Raisi as Iran’s president in July.
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Reporting by Dubai Newsroom Editing by Gareth Jones
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