Iran appoints new central bank governor after record currency fall

Iran appointed Abdolnasser Hemmati as central bank governor after Mohammad Reza Farzin resigned following a record fall in the rial that sparked large protests.

Iran has appointed Abdolnasser Hemmati as governor of its central bank. The move follows the resignation of Mohammad Reza Farzin after a record fall in the rial that sparked large protests. Officials said the new governor will focus on controlling inflation and strengthening the currency. Key points: - The Cabinet named Abdolnasser Hemmati to replace Mohammad Reza Farzin. - The rial fell sharply and the decline was followed by large protests and reports of traders and shopkeepers closing businesses in Tehran and other cities. - Officials have not announced a next legal or procedural step; undetermined at this time. Summary: Officials present Hemmati's appointment as intended to address high inflation, strengthen the currency and address bank mismanagement. The rapid depreciation of the rial and high inflation have pushed up prices for food and other daily necessities. Undetermined at this time.