Middle East

Iran appoints new central bank chief - state media

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A man walks past the Central Bank of Iran in Tehran, Iran August 1, 2019. Nazanin Tabatabaee/WANA (West Asia News Agency) via REUTERS

DUBAI, Oct 6 (Reuters) - Iran has appointed Ali Salehabadi as head of the central bank, Iranian state TV reported on Wednesday, as the Islamic Republic's economy reels under U.S. sanctions.

"The role of the central bank in preserving the value of the national currency and controlling inflation is very fundamental," said President Ebrahim Raisi after Salehabadi's appointment.

Since 2018, when Washington exited Iran's 2015 nuclear deal with six powers and reimposed sanctions, Iran's economic crisis has deepened with inflation standing over 50%, according to state media, and the Iranian rial has lost over 75% of its value against the U.S. dollar.

Salehabadi has a PhD in financial management from the University of Tehran, according to Iran's state news agency IRNA, and has served as head of Tehran Stock Exchange.

Raisi, who took office on Aug. 3, has pledged to improve the country's sanctions-hit economy by boosting domestic production.

The talks between Tehran and six powers, aimed at reviving the nuclear accord, were adjourned two days after Raisi's election in June. Iran has yet to announce when it will return to the negotiating table in Vienna. read more

Writing by Parisa Hafezi; Editing by Alison Williams

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