CBI’s new governor dismisses currency deputy

TEHRAN, Aug. 04 (MNA) – Ahmad Araghchi was dismissed on Sat. from his position as deputy head in charge of currency by the newly-appointed governor to Central Bank, Abdolnaser Hemmati.

The newly-appointed Governor of CBI (the Central Bank of Iran), Abdolnaser Hemmati, dismissed Seyyed Ahmad Araghchi, the CBI’s Deputy-Governor for Currency on Saturday, reported Tasnim News Agency.

This is while an informed source told Mehr News Agency that the decision is very probable and not yet finalized.

The same source has recounted that the CBI is expected to table its new currency policies package to the Sunday meeting of the cabinet of ministers. The new package will be unveiled after being ratified by the council of ministers.

“Hemmati is expected to appoint an experienced person to this post who will be able to well implement the new package,” the informed source told Mehr News Economy Desk.

Araghchi was appointed by the former CBI Governor Valiollah Seif, who was later replaced by Abdolnaser Hemmati on July 25. He was repeatedly criticized for being too young and inexperienced by those dissatisfied with President Rouhani’s management of gold and currency markets.

In another development to reign in the recent turbulence in foreign currency market in Iran, the CBI launched a secondary currency market on July 3.

The move is hoped to renovate the country's "foreign currency system, reign in the currency rates, reinforce exports, improve cooperation with foreign currency exchange shops, and to ease a dollar shortage ahead of the new turn of US sanctions."

YNG/4365677/TNA1793967

News Code 136398

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