Iran’s Parliament has ousted Finance Minister Abdolnaser Hemmati amid soaring inflation and a sharp decline in the rial’s value. His removal, supported by 182 lawmakers, takes effect immediately. The rial’s exchange rate reached over 920,000 per US dollar on the black market, highlighting the nation’s economic struggles compounded by US sanctions.
Iran’s Parliament has voted to remove Finance Minister Abdolnaser Hemmati due to significant inflation and a marked decline in the national currency. The decision, as reported by state-run television, results from Hemmati’s loss of confidence among lawmakers, with 182 out of 273 backing his dismissal eight months into President Masoud Pezeshkian’s administration. Following Iran’s constitutional provisions, this change takes immediate effect, with an acting minister to be appointed until a permanent successor is chosen.
The Iranian rial has experienced a staggering decline, trading on the black market at over 920,000 per US dollar, a sharp fall from under 600,000 in 2024 and 32,000 in 2015. This depreciation follows the reimplementation of the “maximum pressure” economic policy by former US President Donald Trump shortly after he assumed office. The ongoing economic challenges have exerted significant pressure on the Iranian government, culminating in the parliamentary decision to dismiss the finance minister.
The dismissal of Finance Minister Abdolnaser Hemmati highlights the ongoing economic difficulties facing Iran, marked by rampant inflation and a plummeting national currency. The immediate nature of his removal and the drastic fall in the rial’s value reflect the challenges President Masoud Pezeshkian’s administration faces as it navigates a complex economic landscape influenced by external pressures.
Original Source: shafaq.com
