Iran’s largest bank chief fired over leadership | Business and Economic Affairs

Tehran, Iran – President Hassan Rouhani has fired Iran’s central bank chief, Abdolnasser Hemmati, to Presidential representative in the June 18 election.

The court said in a statement Sunday that Hemmati had been fired if his decision “prevented him from being fully available to the central bank and performing his duties as governor in difficult financial and foreign exchange reserves”.

The council voted for Hemmati and his deputy, Akbar Komijani, who also replaced Hemmati at Rouhani’s financial summit on Sunday.

Komijani has been the deputy ambassador for the past seven years, and has nearly 20 years of experience at the central bank.

Had he not been fired, Hemmati would have led the central bank until 2023, after which his leadership could be extended for another five years.

Ebrahim Raisi, who is seen as leading the election, remains the head of the judiciary.

A former Iranian military banker and insurer and a radio journalist, Hemmati took over the reins of the central bank in July 2018 at a critical juncture when the Iranian currency, the war, had already hit.

The summit was disrupted when then United States President Donald Trump abandoned Iran’s nuclear deal in 2015 with world powers last May, and imposed unilateral sanctions.

Hemmati’s intruder, Valiollah Seif, became a target for judges and several of his ministers were arrested. The attorney general said earlier this month that a prosecution has been filed against Seif for “embezzling” more than $ 30bn and 60 tons of gold.

But the spear continued to drop under Hemmati, hitting 320,000 against the US dollar in the open market in October 2020, when it changed at least 40,000 hands on the greenback ahead of Trump’s “Iran” campaign.

The volatile funds were slightly recovered and were encouraged to reach about $ 210,000 a dollar last month as well speaks in Vienna Restoring the nuclear deal and raising U.S. sanctions will continue. But now it has fallen in price again, reaching 240,000 US dollars on Sunday.

Large central bank

Iran’s largest bank has been plagued by a lack of independence from the government, and large-scale printing has been one of the main factors contributing to inflation over the past four decades.

Legislation promoting independence has been enshrined in a number of laws over the past 10 years.

In the meantime, Hemmati’s presidential nominee has been trying to recapture the issue by critics, who say he is one of the leaders facing economic woes, including a 40% rise in prices.

He said earlier this week he had jeopardized his reputation by changing short-term exchanges and monetary policy, and said the economy could be worse off if it did not match those who wanted to remain as it was.

In an election that is expected to have a small number of voters in a public outcry, the incumbent has also said it wants to be the voice of the “majority of non-speaking”.

Hemmati was one of those who opposed the controversial proposals introduced by Rouhani officials in 2018 to set 42,000 house prices to “unify” the country. multiple exchange rates. The scale is still available today, but is only used to import important goods.

But he has the same views as Rouhani and his junior supervisors on a number of issues, especially in the need to invest the remaining funds manifestation The order to end Iran’s work with government officials is the Financial Action Task Force.