Iran replaced the head of its central bank on December 29 as the country’s currency, the rial, continued a sharp decline amid economic troubles aggravated by a lack of progress on nuclear negotiations with the West and months of civil unrest that continues to rock the country. The government appointed Mohammad Reza Farzin as the new head of the central bank during a cabinet meeting, Iranian state TV reported. It said the resignation of the current head of the central bank, Ali Salehabadi, was accepted before the appointment of Farzin, who has served as CEO of Bank Melli Iran since last year. Iran’s president stressed the importance of controlling the value of foreign currencies during the cabinet meeting, IRNA said.
The Iranian currency reached a new all-time low against the U.S. dollar on December 28, with one U.S. dollar worth 440,000 rials, compared to 360,000 rials one month ago. (rferl.org)
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