Mazaheri was appointed minister of finance to the cabinet of Mohammad Khatami in 2001. He replaced Hossein Namazi in the post. Mazaheri"s term ended in April 2004 and he was succeeded by Safdar Hosseini.
Mazaheri was the governor of the Central Bank of Iran from September 2007 to September 2008.
He was the shortest serving governor of Central Bank since its establishment. He was a candidate in the 2013 presidential election.
His nomination was rejected. Controversy
In January 2013, Mazaheri was interrogated at Dusseldorf airport by German police due to not informing the authorities in advance that he carried a 300 million Venezuelan bolívar cheque (nearly $70 million).