Speaking briefly to reporters at the government compound on the day of his appointment, Hemmati said the Central Bank’s primary responsibilities would be curbing inflation and exercising stricter oversight over banks, adding that he would be fully accountable for progress in these areas. He stressed that addressing unbalanced banks, which he described as a major driver of inflation, would be a top priority, and pledged support for the capital market.
Hemmati also vowed to dismantle corruption and rent-seeking practices stemming from Iran’s multiple exchange-rate system.
The newly appointed governor said he would refrain from commenting on exchange rates, noting that market players are seeking stability.
“Preserving foreign currency reserves is more important to me than direct interventions”, he said.
Hemmati added that the foreign exchange market can be managed and that stability and calm would return in the coming days.
Hemmati further said he would consult with parliament but would ultimately implement economic policies based on what he believes to be in the country’s best interest.
Criticizing previous policies, he said repeated allocations of preferential foreign currency had led to the depletion of reserves and were eventually followed by price shocks. He also pledged to ensure the return of all foreign currency revenues that have not yet been repatriated, while emphasizing that the responsibility for exchange-rate pricing should not rest with the Central Bank.
Hemmati’s appointment as the new governor of the Central Bank comes amid sporadic protests in some Iranian cities, including Tehran, by businessmen and ordinary citizens against soaring currency prices and rising inflation.
