Iran appoints new central bank chief

Dubai (Reuters) – Iran on Thursday appointed Mohammad Reza Farzin as head of the central bank, state news agency IRNA said.

Farzin has been the CEO of Bank Melli Iran since last year. He was also chairman of the board of Karafarin Bank before that, IRNA added.

During the cabinet meeting at which Farzin was appointed, Iran’s president stressed the importance of controlling the value of foreign currencies, according to IRNA.

Iran’s rial has fallen to record lows, losing around a quarter of its value against the dollar since a wave of protests against the country’s clerical leadership began in mid-September, fuelling inflation of around 50%.