Iran appoints two new heads of key financial agencies

Iran’s cabinet appointed new heads at two of the government’s top economic institutions, as the country grapples with a faltering economy and a sliding currency that have provoked public protests, Reuters reported.

Abdul Nasser Hemmati was appointed to replace Valiollah Seif as governor of the central bank, according to the IRIB news agency. The agency gave no explanation for why Seif was dismissed.

In May, the United States imposed sanctions on Seif, accusing him of “moving millions of dollars” for Iran’s Revolutionary Guards.

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Hemmati was formerly the managing director of Bank Melli and Sina Bank, IRIB said.

Ali Tayebnia was appointed head of the Management and Planning Organisation of Iran, which drafts the country’s annual budget, according to the Tasnim news agency.

Tayebnia served as minister of economic affairs and finance during President Hassan Rouhani’s first term.

Recent months have seen the return of protests on to the streets of Tehran as Iranians call on the government to leave Syria and concentrate on domestic policies. Iranians have been struggling to make ends meet and fear US sanctions which are expected to come in to place in November will cause further damage to their economy.