Valiollah Seif

Valiollah Seif has been appointed as the new head of Iran`s Central Bank, Iranian media reported on Sunday August 25.

The appointment was approved by the new president, Hassan Rohani, as well as ministers of the Economy and Industry.

In his first press statement, Seif said that bank’s interest and exchange rates must correspond with other economic indicators such as inflation, adding that the current exchange rate of 32,000 rials to the dollar is reasonable.

About three years ago, the Iranian currency was exchanged at just over 10,000 rials but it has experienced a steep devaluation in recent years.

The Fars News Agency reports that the new head of the Central Bank maintained that if the exchange rate had been regularly adjusted according to inflation, the dramatic rise in prices would not have happened.

The new head of the Central Bank is a graduate of Allameh Tabatabai University and he served as CEO of several banks: Saderat, Sepah, Melli and Mellat.