Search Iran replaces central bank governor amid currency’s decline

Iran replaces central bank governor amid currency’s decline ... 25/07/2018 News

Keywords:#AP, #American, #Associated_Press, #CBI, #Donald_Trump, #Hassan_Rouhani, #Hezbollah, #IRNA, #Iran, #Iran-backed, #Iranian, #January, #Mahmoud_Vaezi, #Nasser_Karimi, #President, #Rouhani, #Trump, #United_States, #Valiollah_Seif,

by Nasser Karimi | AP July 25 at 5:55 AM
TEHRAN, Iran — Iran’s President Hassan Rouhani has replaced the governor of the central bank as the country’s currency continues its downward spiral to record lows, state media reported Wednesday.
State news agency IRNA reported that Rouhani’s administration appointed Abdolnasser Hemmati as CBI governor to replace Valiollah Seif, who had been head since 2013.
Seif was designated a terrorist by President Donald Trump’s administration in May on allegations he helped transfer millions of dollars to Hezbollah, the Iran-backed militant group, and added personally to the American list of sanctions. At the time, the United States said it was also imposing so-called secondary sanctions on Seif, meaning anyone who does business with him could be cut off from the U.S. financial system.
Hemmati, 61, led Iran’s state central insurance company and worked in banking in the past.
The Iranian rial’s been declining steadily for years but the drop has accelerated in recent months after the American decision to pull out of the nuclear deal with Iran in May and announcement of increased sanctions.
Critics have also blamed the fall of the rial on Seif’s policies.
One U.S. dollar currently buys 43,776 rial, compared to 35,186 on January 1 and more than double that on the thriving black market.
Also on Wednesday state-owned IRAN daily reported that the CBI has eased transfer of cash foreign currencies into the country.
Under the new measure, passengers from abroad are now free to carry foreign currency as long as they declare it upon entering the country.
The measure is seen a response to combat the rising black market exchange rates by increasing the supply of foreign currency.
Last week, Rouhani’s chief of staff Mahmoud Vaezi said a reshuffle in the Cabinet was coming due to the country’s economic situation.
“There will be changes in economic team of the government,” he said.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

--- ---

Read more from Source »

Related articles based on keyword density
BY MATTHEW LEE AND GEORGE JAHN ASSOCIATED PRESS VIENNA (AP) -- Still facing significant differences between the U.S. and Iran, negotiators gave up on...View Details»

Global “Elders” urge Iran to build on nuclear deal - The Washington Po... 28/01/2014 Politics
TEHRAN, Iran — The former head of the United Nations urged Iran Monday to build on a historic deal reached with world powers in November and work towa...View Details»

GLOBAL TOP 1000 WEBSITES 2016 – Ratak IT... 16/03/2017 News
Ratak introduces global Top Websites of 2016 Data for table Top201702 1,Abarkooh,Armenia,Bahram 2,Bahram 3,Britain,Caesar,Carus,...View Details»

The Latest: Diplomat: Iran deal likely by Tuesday afternoon | www.acti... 13/07/2015 Politics
By The Associated Press VIENNA — *** European Union High Representative Federica Mogherini waves from a balcony of the Palais Coburg where closed-door...View Details»

Anger in Iran as tough US sanctions kick in ... 06/11/2018 Politics
President Rouhani vows to 'proudly bypass' US reimposed sanctions, saying Iran will continue to sell oil. 05 Nov 2018 15:15 GMT *** Thousands took to ...View Details»