Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Iran Appoints New Central Bank Chief

Iran Appoints New Central Bank Chief

Wednesday, 6 October, 2021 - 16:30
Iranian people wear protective face masks, as they walk amid the spread of the coronavirus disease (COVID-19), in Tehran, Iran March 30, 2021. Picture taken March 30, 2021. (Reuters)

Iran has appointed Ali Salehabadi as head of the central bank, Iranian state TV reported on Wednesday, as the country’s economy reels under US sanctions.

"The role of the central bank in preserving the value of the national currency and controlling inflation is very fundamental," said President Ebrahim Raisi after Salehabadi’s appointment.

Since 2018, when Washington exited Iran’s 2015 nuclear deal with six powers and reimposed sanctions, Iran’s economic crisis has deepened with inflation standing over 50%, according to state media, and the Iranian rial has lost over 75% of its value against the US dollar.

Salehabadi has a PhD in financial management from the University of Tehran, according to Iran’s state news agency IRNA, and has served as head of Tehran Stock Exchange.

Raisi, who took office on Aug. 3, has pledged to improve the country’s sanctions-hit economy by boosting domestic production.

The talks between Tehran and six powers, aimed at reviving the nuclear accord, were adjourned two days after Raisi’s election in June. Iran has yet to announce when it will return to the negotiating table in Vienna.

Editor Picks