Sheibani is the seventh cabinet member to have resigned in the past two years.

First Vice President Parviz Davoudi, Managing Director of Iran’s Export Development Bank Tahmasb Mazaheri and Managing Director of Bank Mellat of Iran Ali Divandari are speculated to replace Sheibani.

Sheibani will be appointed as Iran’s representative to the World Bank after he officially leaves CBI.

Masoud Mazini is the current Iranian representative in the Washington-based World Bank since 2001 and a senior advisor to one of its executive managers. He formerly served as deputy CBI chief for foreign currency affairs.