Iran on Thursday appointed Mohammad Reza Farzin as head of the central bank, state news agency IRNA said.

For the latest headlines, follow our Google News channel online or via the app.

Farzin has been the CEO of Bank Melli Iran since last year. He was also chairman of the board of Karafarin Bank before that, IRNA added.

During the cabinet meeting at which Farzin was appointed, Iran’s president stressed the importance of controlling the value of foreign currencies, according to IRNA.

Iran’s rial has fallen to record lows, losing around a quarter of its value against the dollar since a wave of protests against the country’s clerical leadership began in mid-September, fueling inflation of around 50 percent.

Read more:

Iran bank manager fired for serving unveiled woman

Iran central bank governor blames anti-govt protests for currency’s fall

Iran prison inmate dies as concern mounts about protesters’ safety