Its currency, the rial, which has been pulverised by a gruelling succession of economic sanctions, jumped more than 3%.
This will propel trade, ease foreign currency exchange – and in time, most hope, boost the Iranian rial, which has risen a smidgen against the dollar in recent days.
Many businesses, along with ordinary people, are closely monitoring the fluctuation of the rial, which they think is indicative of how the economy is doing.
The appetite for dollars in Iran has put even more pressure on the rial, which has lost about half of its value in the past year.
Mr. Bahmani, a disciple of President Mahmoud Ahmadinejad, is widely associated with the demise of the rial, which traded at about 10,000 to the dollar a few years ago.
Economic mismanagement and Western sanctions have led to a collapse in the Iranian rial, which has fallen by two-thirds in the past year.
The plummeting price of the rial, which at its lowest point traded at 40,000 per one US dollar, has been steadied at 29,000-30,000 per $1, ending an era of wild speculation and financial uncertainty that undermined international trade.
The sanctions, which have constricted Iran's ability to sell oil and conduct international financial transactions, have sharply increased the price of imports and contributed to the loss of confidence in the rial, which in turn has fueled inflation.
