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Iran Appoints New Central Bank Chief Amid Economic Turmoil

1/1/2026

40 9 Full Breakdown

Summary

Story summary

Abdolnasser Hemmati was appointed Iran's new central bank governor after the resignation of Mohammad Reza Farzin amid a severe economic crisis worsened by Western sanctions related to Iran's nuclear program.
The rial declined to 1.38 million rials per U.S. dollar.
Inflation reached 40 percent, prompting many traders to close their businesses.
Protests turned violent.
Hemmati pledged to tackle inflation and address bank mismanagement.

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Story summary

Abdolnasser Hemmati was appointed Iran's new central bank governor after the resignation of Mohammad Reza Farzin amid a severe economic crisis worsened by Western sanctions related to Iran's nuclear program.
The rial declined to 1.38 million rials per U.S. dollar.
Inflation reached 40 percent, prompting many traders to close their businesses.
Protests turned violent.
Hemmati pledged to tackle inflation and address bank mismanagement.