Iran has appointed a new central bank governor after the former one resigned following a record currency drop against the U.S. dollar
ByThe Associated Press
December 31, 2025, 4: 34 AM
TEHRAN, Iran — Iran on Wednesday appointed a new governor to the central bank after the former one resigned following a record currency fall against the U.S. dollar that sparked large protests.
The plummeting of the rial, Iran’s currency, sparked the largest protests in the country in three years, with rallies that began Sunday and continued until Tuesday.
A report by the official IRNA news agency said President Masoud Pezeshkian’s Cabinet appointed Abdolnasser Hemmati, a former economics minister, as new governor of the Central Bank of the Islamic Republic of Iran. He replaces Mohammad Reza Farzin, who resigned on Monday.
Experts say a 40% inflation rate led to public discontent. The U.S. dollar traded at 1.38 million rials on Wednesday, compared to 430,000 when Farzin took office in 2022. Many traders and shopkeepers closed their businesses and took to the streets of Tehran and other