Who is the face behind the scenes of the Central Bank?
Who is the face behind the scenes of the Central Bank? According to Iran Gate, the situation in the currency market and the value of the national currency is so disordered that many have raised widespread criticisms against the Central Bank. In recent days, Ali Salehabadi dismissed Afshin Khani, the Deputy of Currency Affairs of the Central Bank, but observers believe this action by the Central Bank Governor is akin to a deal to remain in the position of general director.
However, the point that has occupied the minds of many audiences these days is who is the face behind the scenes of the Central Bank and who makes the pivotal decisions for the most important economic policymaker in the country.
To understand the management mechanism of the Central Bank during Ali Salehabadi’s tenure, we must return to the early days of his appointment to this sensitive position when many experts and analysts were unanimously opposed to such a choice and accused Ebrahim Raisi of placing politically aligned individuals in important and significant governmental and state positions.
Iran Gate, in a three-part series of reports, has attempted to unveil the events behind the scenes of the Central Bank and take steps towards transparency. In this report, which is the first part of this file, one of the most important behind-the-scenes players in the management of the Central Bank and the currency market is introduced.
Everyone lost.
The appointment of Ali Salehabadi also followed this exact pattern, and Ebrahim Raisi, disregarding criticisms, appointed someone from the Imam Sadegh University alumni circle to the position of Central Bank Governor. This happened while economists and experienced bankers considered him lacking in scientific and professional qualifications.
The only group initially pleased with this choice were those in the investment market because they believed Salehabadi, due to his previous role as the head of the Stock Exchange Organization during Mahmoud Ahmadinejad’s presidency, would surely consider the shareholders’ interests in the Central Bank.
But now, more than 14 months into Salehabadi’s tenure at the Central Bank, even the stock market people are severely criticizing his performance. According to those in the investment market, the only benefit that the stock exchange gained from Ali Salehabadi’s appointment was the appointment of managers who had been with him in the Stock Exchange Organization during the Ahmadinejad era, and nothing more.
The son-in-law’s memento on the wall of the Mirdamad building.
As previously mentioned, upon his appointment as the Central Bank Governor, Salehabadi immediately dismissed middle managers and deputies of this policymaking body and appointed managers who had previously been with him in the Stock Exchange Organization. Several significant appointments occurred in this regard, the most important being the appointment of Saeed Mostashar as the Deputy of Administrative Affairs of the Central Bank. This event, which was not entirely unexpected, occurred amid rumors of Mostashar’s familial relationship with a high-ranking member of the Central Bank’s Sharia Council.
In the early days of Salehabadi’s tenure and his peculiar team’s leadership of the most important economic policymaking body in the country, the discussion of this familial relationship became very heated, but a wave of denials swept across domestic and foreign media. However, now, after 14 months, it has been revealed that Saeed Mostashar is the son-in-law of Gholamreza Mesbahi Moghaddam, the head of the Central Bank’s Sharia Council, a fact that was consistently denied over the past year and a bit but has finally been unveiled.
Mostashar, the revolutionary standard manager.
A look at Saeed Mostashar’s previous positions, considering his affiliation with the management bridge circle, indicates that he is among the revolutionary standard managers. A benchmark with which almost all managers of Ebrahim Raisi’s economic team have been evaluated and then appointed to sensitive state positions.
Of course, he has about 15 years of collaboration with Ali Salehabadi and seems to be a trusted figure for the current Central Bank Governor. Mostashar has worked alongside Ali Salehabadi in the Stock Exchange and Securities Organization, the Export Development Bank, and the Iran-Venezuela Bank. However, how his performance is assessed is another discussion that includes very significant points.
But the main point, which is the primary focus of this report, is the unlimited influence and extensive power of Mostashar in the most sensitive economic policymaking body in the country. This institution is currently recognized as the main avenue for non-expert and inappropriate economic decisions, and experts have harshly criticized the Central Bank’s performance over the past year. Therefore, it remains to be seen what the consequences of Gholamreza Mesbahi Moghaddam’s son-in-law’s unlimited powers in the Central Bank are and what damage it has inflicted on the country’s economic structure.
Mostashar and the management of the currency market.
The strangest point in reviewing Saeed Mostashar’s activities in the Central Bank is his relentless interventions in matters related to the currency affairs department of this institution. This department, which is indeed the most important reference for managing the currency market in Iran, has always held a crucial and vital position for the Islamic Republic system.
Let’s overlook the fact that Salehabadi’s appointment of Afshin Khani to this position attracted a lot of criticism, but reports available to Iran Gate indicate Saeed Mostashar, the Deputy of Administrative Affairs of the Central Bank Governor, attended meetings related to the currency affairs department.
Meanwhile, Khani was recently dismissed from the position of Deputy of Currency Affairs of the Central Bank, and another Imam Sadegh University graduate, who also has a heavy and ambiguous file, has taken his place. It is said that Mohammad Aram, who was appointed last week as the Deputy of Currency Affairs of the Central Bank Governor, is a close friend of Saeed Mostashar.
On the other hand, there is speculation that Aram and Mostashar’s collaboration in previous positions involved dark and ambiguous points that have never been seriously investigated by the competent authorities.
Although many believe that the currency market’s situation in the coming days and weeks will be much worse than today, it seems that the management bridge circle has plans for this area as well, plans orchestrated by Saeed Mostashar, and undoubtedly, the cost will be borne by Iranian citizens.
Alongside the face behind the Central Bank, reports and analyses have been published in Iran Gate, a few of which are listed for your convenience.
- Iran’s future in the haze of doubt.
- Iran’s banking system is bankrupt.
- Iran’s economy is bankrupt, part two.
- Daily record-breaking of the dollar rate.