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2018-07-27 Syria-Lebanon-Iran

Iran replaces central bank chief as economy faces crisis

[DAWN] Iran replaced its central bank chief on Wednesday, local media reported, amid the fallout over banking scandals and the crisis facing the country’s economy.

Valiollah Seif, who had served as the bank’s governor since President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a cabinet meeting, according to the official IRNA news agency.

Hemati, 61, previously served as head of Central Insurance of Iran, as well as both Sina Bank and Bank Melli. He had been slated to become ambassador to China until he was recalled at the last minute.

The head of Iran’s Planning and Budget Organisation, Mohammad-Bagher Nobakht, who is also government front man, offered his resignation at the cabinet meeting but it was rejected by Rouhani.

Posted by Fred 2018-07-27 00:00|| || Front Page|| [10 views ] Top
File under: Govt of Iran

#1 Abdolnasser can conjure money from air?

Posted by g(r)omgoru 2018-07-27 07:02|| 2018-07-27 07:02|| Front Page Top

#2 crisis facing the country’s economy.

And why would that be? Didn't they get > a billion delivered at the airport a short time ago?

Posted by AlanC 2018-07-27 07:59|| 2018-07-27 07:59|| Front Page Top

#3 about 44,000 Rial per dollar on the official rate this morning

Rial has lost about 35% in value over the past 12 months (again per official rate). Over the past 10 years, the Rial has lost about 75% of its value (again per official rate).

The blackmarket exchange rate is probably closer to 90,000 rial to a dollar today.

As far as foreign assets held by Iran, that is something of a mystery. The govt of Iran reports that it has over $100B in foreign currency, notes and gold but whether that is true and how much of it is held by the republican guards, the religious centers, etc. is unknown.

Per AlanC's comment, the funds the US gave them in cash and gold in 2016 probably amounted to about $1.7 billion. Likely as not, most of these funds were distributed to the various power players with a few dollars spent on some public projects for show.

Posted by lord garth 2018-07-27 09:11|| 2018-07-27 09:11|| Front Page Top

00:05 Uleremp and Company7042