The appointment of Mohammadreza Farzin as the chairman of the board of directors of the National Iranian Copper Industries Company has been made while his three-year performance at the Central Bank is still under scrutiny by economic experts. The question arises as to what managerial and performance criteria Samii-Nejad, the head of IMIDRO, used to select the former Central Bank president to lead the board of the largest industrial company on the stock exchange.
Farzin's Record at the Central Bank
Farzin held the presidency of the Central Bank from December 2022 to December 2025; an institution whose main mission is to preserve the national currency's value, control inflation, and create stability in the money and currency markets. However, during this period, the exchange rate experienced significant growth, the multi-rate currency system remained in place, the national currency's value decreased, and criticisms regarding the expansion of rents resulting from currency policies increased.
Transfer to the National Iranian Copper Industries Company
Now, only a few months after the end of this responsibility, Farzin has become the chairman of the board of directors of the National Iranian Copper Industries Company; a company with a market value of over two trillion tomans and an annual revenue of over 300 trillion tomans, considered one of the most important economic and stock exchange enterprises in the country.
Criticisms and Questions Raised
Critics believe Farzin's record is not only limited to the excessive increase in currency prices but is also tied to the increase in corruption cases in the banking network, the persistence of structural problems in the banking system, and criticisms regarding rent-seeking and political appointments in some economic sectors. Therefore, his selection as the chairman of the board of one of the most important mining companies in the country raises questions about the criteria for appointing senior managers and the extent of attention to their performance records.
Meritocracy in Appointments
This appointment has been made at a time when many experts expected the management of a company with such a strategic position to be entrusted to someone with a specialized background in the field of mining, metal industries, and management of large industrial enterprises; an issue that has once again brought the discussion of meritocracy in economic appointments to the forefront of public attention.
