Iran appoints new central bank head as economy, currency struggle

Iran’s cabinet appointed a new central bank governor on Wednesday, the IRIB news agency reported, as the country grapples with a faltering economy and sliding rial currency which have spurred public protests.

Abdul Nasser Hemmati was appointed in place of Valiollah Seif. The agency gave no explanation for why Seif was dismissed.

In May, the United States imposed sanctions on Seif, accusing him of “moving millions of dollars” for Iran’s elite Revolutionary Guards.

President Hassan Rouhani has come under increasing pressure from hardliners to reshuffle his economic team and senior government officials have suggested a shakeup is imminent.

Ordinary Iranians have also criticized the government on social media, emphasizing the difficulties they face in making ends meet.

Hemmati was formerly the managing director of Bank Melli and Sina Bank, IRIB said.