Summary Iran's President Hasan Rouhani has appointed a private banker as head of the country's central bank.
TEHRAN (AP) - Iranian state television says that the country s president has appointed a private banker as the head of the country s central bank.
The report Sunday said President Hasan Rouhani picked Valiollah Seif to run the country s financial regulator. It said Seif will replace outgoing central bank head Mahmoud Bahmani.
Seif ran the private Karafarin bank in Iran. He also supports independence for the central bank and a floating rate for Iran s currency, the rial, against foreign currencies.
Seif takes over the central bank as sanctions over Iran s disputed nuclear program have been putting heavy pressure on the country s economy for the past two years. Oil exports have been slashed in half and the rial has lost two-thirds of its value since late 2011. Inflation also has shot up in the country.
