Iran Replaces Central Bank Chief

Local Editor

In an attempt to solve the economic crisis facing the country’s economy, Iran replaced its central bank chief Wednesday.

Valiollah Seif, who had served as the bank's governor since President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a cabinet meeting, according to the official IRNA news agency.

Hemati, 61, previously served as head of Central Insurance of Iran, as well as both 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 dollar in the past year.

The crisis coincided with Washington's announcement in May that it was pulling out of the 2015 nuclear deal and re-imposing full sanctions on Tehran, exacerbating the run on the rial.

Rouhani thanked Seif for his "strong and serious service," and said the cabinet had "full confidence" in Hemati.

He said a key priority was tackling "illegal credit institutions."

Source: News Agencies, Edited by website team