Iran International:

Iran’s president has appointed former economy minister Abdolnaser Hemmati as the new head of the central bank, state-linked media reported on Monday, confirming a leadership change amid turmoil in currency markets.

Mehdi Tabatabaei, deputy head of communications at the president’s office, said on X that President Masoud Pezeshkian had decided to name Hemmati as central bank governor.

The move follows days of conflicting reports over the fate of Mohammad Reza Farzin, who had faced intensifying criticism as the rial slid to record lows and inflation accelerated.

Earlier on Monday, Iran’s judiciary denied reports that senior political leaders had agreed to retain Farzin, saying no such decision had been taken and that the matter fell solely within the president’s authority.

Later, the president’s office confirmed that Farzin had submitted his resignation earlier in December.

Hemmati, a former governor of the central bank and ex-economy minister, returns to the post as Iran grapples with severe currency instability.

On Monday, the dollar was trading at around 1.41 million rials on the open market, while gold prices also hit record highs, triggering protests and strikes by shopkeepers in parts of Tehran.

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