Abdonnaser Hemmati was appointed as the new governor of the Central Bank of Iran (CBI), replacing Valiollah Seif, after the Iranian cabinet gave him a vote of confidence.
In their meeting on Wednesday, the cabinet members also expressed their gratitude to Seif for his efforts during his term in office.
During the session, President Hassan Rouhani congratulated Hemmati on his new post as the CBI governor.
Rouhani hailed Hemmati as an “educated and well-informed person with invaluable experiences” in banking and insurance.
The replacement came after the Iranian rial plunged to a record low against the US dollar on the unofficial market in recent days.
The collapse of the national currency has provoked a public outcry over the quick rise of prices of imported consumer goods.