Extra: Parliament Ousts Ahmadinejad from Central Bank Board
15 Nov 2010 22:11
Fed Chief Threatens to Resign
Tabnak (in Farsi) | Nov 15In its most recent act, the Majles (parliament) has removed the president from the governing board of the country's Central Bank. During the deliberation for the fifth development plan, [Mohammad Reza] Bahonar, a conservative MP and one of President [Mahmoud] Ahmadinejad's early allies, argued for a Central Bank independent from the government. He was able to introduce a measure that changed the governing body of Iran's Central Bank. The measure was approved and supported by other members, particularly Dr. Ali Larijani, Majles speaker.
Up to now, the governing board of the Central Bank of Iran has included five members: the president, who is also the president of the governing board; the minister of economic and financial affairs; the minister of commerce; the head of the Management and Planning Organization; and another cabinet member approved by the cabinet itself.
According to article 80 of the fifth development plan, this body will include 11 members in the future, each elected not more than once for a period of ten years. The membership excludes the president. According to the new law, seven members must be economists with at least 15 years of experience. They will be nominated by the president, but must be approved by the Majles. The Majles also extended board membership to the head of Iran's Chamber of Commerce and the attorney general. The minister of economic and and financial affairs and the head of the Management and Planning Organization will continue to be members of the governing board.