Iran’s Parliament Dismisses Finance Minister Amid Currency Crisis

Iran’s Parliament ousted Finance Minister Abdolnaser Hemmati amidst soaring inflation and a declining rial. Hemmati lost confidence after nearly eight months in office, with significant legislative support for his removal. The rial’s black market value surged past 920,000 per US dollar, raising concerns over economic policies influenced by U.S. sanctions.

In a significant political move, Iran’s Parliament has dismissed Finance Minister Abdolnaser Hemmati due to mounting inflation and the drastic decline of the national currency, the rial. This vote occurred nearly eight months post the inauguration of President Masoud Pezeshkian’s administration. A total of 182 legislators voted in favor of his dismissal amidst concerns over an alarming depreciation of the rial.

Hemmati’s removal has immediate effect according to the Iranian constitution, and an acting minister has been appointed until a permanent successor is chosen. The rial’s value has plummeted, trading over 920,000 per U.S. dollar in the black market, a stark contrast to less than 600,000 in 2024 and only 32,000 in 2015. This rapid currency depreciation has been attributed to the renewed “maximum pressure” economic policies imposed by the U.S. government under President Donald Trump shortly after he took office.

The removal of Finance Minister Abdolnaser Hemmati reflects the Iranian government’s struggle to manage economic turbulence marked by severe inflation and currency devaluation. His ouster by Parliament underscores the urgent demand for effective economic leadership amid deteriorating financial conditions, particularly the rial’s significant decline against the U.S. dollar. This situation remains critical as Iran seeks stability and confidence in its economic governance.

Original Source: shafaq.com