Iran's central bank governor replaced

Iranian President Hassan Rouhani has dismissed Iran’s central bank governor Valiollah Seif.

Valiollah Seif was replaced with Abdolnaser Hemmati, who headed the state insurance company, is a prelude to a broader reshuffle of the government’s economic team.

Seif was criticised for poor management of the crisis. In recent months, the central bank has sold 60 tonnes of gold coins in local markets to stem the rise in the price of the precious metal, but the contentious decision has had little impact, the FT reported.