Iranian President Massoud Pezeshkian appointed former Economy and Finance Minister Abdolnaser Hemmati as head of Iran's central bank after the resignation of his predecessor, according to state media.
This appointment comes at the heart of a large-scale economic crisis in Iran. Iran's economy faces recession as country struggles hyperinflation and a high cost of living.
According to the state statistics center, the inflation rate in December reached 42.2% compared to the same period last year and is 1.8% higher than in November. The prices of food increased by 72% and those of medical and health products by 50% compared to December 2024, again according to the statistics center.
Iran is also suffering the collapse of its national currency. The rial reached an all-time low on Monday, at around 1,390,000 rials to the dollar according to Reuters.
In response, protests broke out across Iran, the largest in three years.
Central bank governor Mohammad Reza Farzin submitted his resignation during the day. His successor Abdolnaser Hemmati had already held this position between 2018 and 2021.
