By What Mechanism Will Hemmati Become Governor of the Central Bank?
According to a resolution of the Expediency Discernment Council, if more than one year remains in the term of office of the Governor of the Central Bank, the President may, upon the proposal of the Minister of Economic Affairs and Finance and with the approval of the Cabinet, appoint another individual to replace him.
The Deputy for Communications at the Office of the President announced on Monday, 8 Dey, that Abdolnaser Hemmati will be appointed as the new Governor of the Central Bank.
According to a resolution adopted by the Expediency Discernment Council in 2014 regarding the governance of the Central Bank, the Governor of the Central Bank is appointed upon the proposal of the Minister of Economic Affairs and Finance, following approval by the Cabinet, and with the confirmation and decree of the President.
This process is expected to be finalized at the Cabinet meeting scheduled for Wednesday.
Pursuant to Article 3 of this resolution, the term of office of the Governor of the Central Bank is five years. However, at the beginning of his term, a newly elected President may replace the Governor provided that more than one year remains in the incumbent’s term.
Mohammad Reza Farzin was appointed Governor of the Central Bank on 8 Dey 2022 during the administration of the late President Raisi, and he remained in office despite the change of government and the start of President Pezeshkian’s administration.
Nevertheless, after three years in office, he resigned from his position, and the President approved his resignation today, on 8 Dey 2024.
/ Fars News Agency
