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Iran Names New Central Bank Head Amid Currency Collapse

Abdolnasser Hemati, the new governor of Iran's Central Bank (file photo)

Iranian President Hassan Rohani has replaced the head of his country's central bank as the rial continues its decline.

The IRNA news agency reported on July 25 that Rohani had named Abdolnasser Hemati as governor of the bank, replacing Valiollah Seif.

Seif, who is under U.S. sanctions for allegedly helping the Islamic Revolutionary Guards Corps (IRGC) transfer funds to Lebanon's Hizballah, had headed the central bank since 2013.

Hemati, 61, previously headed Central Insurance of Iran and was managing director of Bank Meli and Sina Bank.

The central bank has been sharply criticized for its handling of the currency crisis. The rial has lost more than half its value against the U.S. dollar over the last year.

Currently, $1 is worth 43,776 rials officially and more than double that in black-market trading.

Based on reporting by AP, AFP, and Reuters