Mohammad Reza Farzin will stay in post as the head of Iran’s Central Bank according to a decree signed by the country’s new president, Masoud Pezeshkian.
Farzin was appointed as central bank chief in December 2022 by the late President Ebrahim Raisi with the mandate to manage the value of Iran’s currency amidst economic pressures from US sanctions.
Since Farzin’s appointment, the value of the Iranian rial has dropped by around 60% against the U.S. dollar, but he has managed to slow the annual rate of inflation to below 40%.
Farzin was formerly the CEO of Bank Melli Iran and was chairman of the board of Karafarin Bank prior to that.
