Tehran, Jul 25 (AP/UNB) — Iran's state news agency says President Hassan Rouhani has replaced the governor of the central bank as the country's currency hovers around record lows.
Wednesday's IRNA report says that Abdolnasser Hemmati was appointed CBI governor to replace Valiollah Seif, who had been head since 2013.
The 61-year-old Hemmati led Iran's state central insurance company and has worked in banking.
The Iranian rial has been declining steadily for years but the drop accelerated in recent months after the American decision to pull out of the nuclear deal with Iran in May and announcement of increased sanctions.
Critics have also blamed the fall of the rial on Seif's policies.
A U.S. dollar currently buys for 43,776 rials, compared to 35,186 in January and more than double that on the thriving black market.