President Hassan Rouhani's cabinet members in a session here on Wednesday gave vote of confidence to Abdolreza Hemmati and appointed him as the new governor for Central Bank of Iran (CBI).
At today's session, the ministers also appreciated services provided by the former CBI chief Valiollah Seif during his tenure.
Congratulating Hemmati on his appointment, Iranian President Hassan Rouhani said that the change in CBI has been made to bring about reforms in banking system and financial policies and improving banking relations with the world, fostering bilateral financial deals and protecting the country's foreign exchange.
In recent months, Iran has faced volatile situation in its foreign exchange rates.
Hemmati, 61, who is named as the father of private insurance in Iran had been picked as managing director of Bank Melli Iran (BMI) about five years ago.
Three years later, Hemmati resigned due to astronomical salaries paid to certain officials.
Hemmati was to work as Iran's ambassador to China, but he did not submit his credentials and left Beijing for Tehran to be appointed as the 18th CBI governor.