BAKU, Azerbaijan, December 29. The Chairman of the Central Bank of Iran (CBI), Mohammad Reza Farzin, has submitted his resignation letter to President Masoud Pezeshkian due to the daily depreciation of the Iranian currency against foreign currencies, Iranian Vice President Mehdi Tabatabaei told local media, Trend reports.
According to him, it is anticipated that the Iranian President will soon make a decision regarding the resignation of the Central Bank of Iran (CBI) chairman, likely accepting it.
Tabatabaei further emphasized that replacing the CBI chairman alone will not resolve the issue of foreign currency fluctuations. Nevertheless, the government has been actively exploring potential solutions to address the ongoing crisis. He noted that a significant portion of the recent surge in foreign currency values against the rial can be attributed to the broader economic conditions prevailing within the country, while the remaining portion is driven by emotional reactions. He suggested that once these emotions subside, there is a possibility for stabilization in the currency market.
In a related development, traders in Tehran staged a protest today, voicing their dissatisfaction with the continuous depreciation of the rial. Hundreds of market participants gathered, demanding immediate measures to stabilize the currency’s value.
Currently, the official exchange rate of the CBI places the value of $1 at 755,000 rials, while on the black market, it is being traded for as much as 1.4 million rials.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel