TEHRAN, July 25 (Xinhua) -- President Hassan Rouhani's cabinet on Wednesday gave vote of confidence to Abdolreza Hemmati and appointed him as the new governor for Central Bank of Iran (CBI), official IRNA news agency reported.
Hemmati is replacing Valiollah Seif, after the former chief was stormed by the critics over the depreciation of Iran's currency value.
The change in CBI management is aimed at reforms in banking system and financial policies to improve banking relations with the world and foster bilateral financial deals, Rouhani was quoted as saying.
In recent months, Iran has faced volatile situation in its foreign exchange rates.
Hemmati, 61, is named as the father of private insurance in Iran.
He was picked as the managing director of Bank Melli Iran (BMI) about five years ago and remained in the post until 2016.
