Iran on Thursday appointed a new head of its central bank, in a move that came after the currency crashed to its lowest level ever against the U.S. dollar amid mass protests and ongoing Western sanctions.
Mohammad Reza Farzin, 57, a senior banker and former deputy finance minister, was tapped to replace Ali Salehabadi, who resigned after 15 months at the post, the official IRNA news agency reported.
The rial was trading at around 430,000 to the dollar on Thursday, down from 370,000 earlier this month. Already battered by years of Western sanctions over Iran’s nuclear program, the rial was trading at 315,000 when anti-government protests erupted in mid-September.
Read the full story on Daily Sabah
