New IT Chief at Central Bank

In the appointment letter Hemmati referrerd to the role and significance of modernizing and optimizing CBI supervisory systems to promote transparency, openness and efficiency. 

“To exercise robust control over electronic payment companies and improving transparency in IT systems, short, mid-term and long-term planning is necessary,” the letter published on the CBI website said in part. 

Moharmian took over from Nasser Hakimi, who was moved to an advisory post, Financial Tribune reported.

What can be inferred from the new appointment and the governor’s emphasis on improving the banking system is the fact that the regulator wants to start a new phase of the promised banking reforms, apparently boosting electronic banking, after stabilizing the forex market. 

By implementing a set of forex policies and disciplinary measures, the regulator managed to revive the tanking rial and stabilize the chaotic currency market.  

Hemmati told state TV last month that CBI efforts over the past year have been focused on stabilizing the forex market, acknowledging the need for additional measures in other sectors to maintain market stability.   

Iran’s currency market was hit hard last summer with the rial losing more than 60% of its value against the US dollar after Donald Trump abandoned a nuclear deal it had signed with Iran and five world powers. He announced tough economic sanctions against the country in May 2018.