Governor of Central Bank of Iran Resigns Due to Continued Fall of Local Currency

The Governor of the Central Bank of Iran, Ali Salehabadi, resigned from his position due to the sharp decline of the local currency.

Four days ago, Salehabadi promised that Iran's currency would stabilize in the coming days, but instead it continued to decline, leading to his departure, after just 15 months in the job. The rial was trading on Thursday at 430,000 rials to the dollar.

Mohammad Reza Farzin has been appointed as his replacement as the new Governor of the Central Bank of Iran. Farzin served as CEO of Iran's Bank Melli for the past 16 months.

Content by Abu Ali Express was used in this report.