The Iranian government appointed Abdolnaser Hemmati as the new governor of the Central Bank on December 29, replacing Mohammadreza Farzin after a steady decline of the rial which caused public discontent.
Mehdi Tabatabaei, deputy head of communications at the president’s office, confirmed the decision in a post on his X account, noting that it was made directly by the president.
Hemmati is no stranger to the role. he previously served as Central Bank governor during Hassan Rouhani’s presidency (2018-2021) and was later chosen by President Pezeshkian as minister of economy. However, in March this year, parliament dismissed him following criticism over rising inflation, currency depreciation, and food price hikes. Ali Madanizadeh was appointed as his successor.
The reshuffle comes as the government’s economic team convened at the Central Bank on December 29 to review policies affecting currency management, trade, and household livelihoods. Mustafa Qamari-Vafa, the bank’s public relations chief, said the outcomes of these discussions will soon be announced.
Meanwhile, the US dollar has surged against the rial in recent months. Since September, its value in the free market has risen steadily, with a sharper spike in the final week of December—jumping from 1,300,000 rials per dollar to more than 1,440,000. The gold market, long viewed as a safe haven by Iranians seeking to protect their assets, followed a similar upward trend.
The currency turmoil sparked protests on December 28 and 29 in several of Tehran’s major commercial centers, including the Grand Bazaar, the mobile market, and other key hubs.
