The head of Iran’s central bank resigned on Thursday after the rial suffered a record depreciation due to ever-heavier sanctions that have hit the country since 2018, state media reported.
After accepting Ali Salehabadi’s resignation, the board of governors chose Mohammad Reza Farzin as head of the central bank, state television said.
The resigning governor had been appointed fifteen months ago. The change came as the currency lost around 25% of its value in just two months, falling from around 330,000 to the dollar to 430,000 as inflation soars.
Iran has been hit with a series of US sanctions since 2018, when then-President Donald Trump withdrew his country from the 2015 nuclear deal between Thran and world powers. The deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), granted Iran relief from earlier sanctions, in return for restrictions on its nuclear program, to ensure that Thran could not develop a nuclear weapon. nuclear – which he always neither wanted to do.
The West has also targeted numerous Iranian companies and senior military personnel after accusing the Islamic Republic of supplying Russia with drones to use in the war in Ukraine, following the Russian invasion of that country ten months ago. Thran, however, denies the allegation.
Additionally, the Islamic Republic has been hit with waves of sanctions from Europe, the United States, Canada and several other countries for its response to the protests sparked by the death in custody of Mahsa Amini on 16 September.
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Iranian-Kurdish Mahsa Amini, 22, died after being arrested in Thran by Walls Police for an alleged violation of the country’s strict dress code for women.