Give Iran’s New Central Banker a Chance to Reform
The U.S. shouldn’t sanction Abdolnasser Hemmati, who may be able to change the regime’s behavior.
The rial has lost more than half its value since March.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
Next week, the U.S. will reimpose sanctions on the Central Bank of Iran, one of the steps triggered by President Donald Trump’s withdrawal from the Iran nuclear deal in May. This will be the first challenge facing Abdolnasser Hemmati, the veteran banker and insurance executive who was recently named the bank’s new governor.
His predecessor, Valliolah Seif, was a victim of the sanctions. Rising anxiety about their impact on Iran’s economy had accelerated the collapse of the rial, which has lost half its value since March, reaching a new record low of 100,000 rials to the dollar.