According to Administration’s Spokeswoman Fatemeh Mohajerani, Hemmati was selected as the new CBI chief during a meeting of the cabinet on Wednesday.

Hemmati replaces Mohammad Reza Farzin in the post.

Mohajerani said the process of appointing Hemmati as the new governor of the Central Bank of Iran was carried out after he received the highest score from experts in the banking sector and was finalized following a vote of confidence by the government.

Addressing the cabinet meeting, Hemmati has outlined three main pillars of his planned agenda. These include curbing inflation, controlling the exchange rate by dismantling corruption and rent-seeking linked to the multi-tier currency system, and managing banking imbalances while preventing the growth of excessive overdrafts by banks.

The appointment of Hemmati, who had once governed the Central Bank from August 2018 until May 2021, comes at a time when the Iranian economy has been grappling with the depreciation of the national currency and soaring inflation, developments that have unsettled markets and weighed heavily on households and businesses.