Iran’s Parliament dismissed Finance Minister Abdolnaser Hemmati due to inflation and a sharp currency decline. The vote against him came with 182 lawmakers supporting the motion. The rial’s value has fallen significantly, trading at over 920,000 per US dollar on the black market, showcasing the severe economic distress following imposed US sanctions.
On Sunday, Iran’s Parliament removed Finance Minister Abdolnaser Hemmati amid rising inflation and a significant decline in the value of the national currency, the rial. The vote resulted in 182 out of 273 lawmakers expressing no confidence in Hemmati, less than eight months following the inauguration of President Masoud Pezeshkian’s administration. This dismissal is effective immediately, with a temporary minister appointed until a permanent successor is chosen.
The Iranian rial has recently plummeted, trading at over 920,000 per US dollar in the black market, which starkly contrasts with the rates of less than 600,000 in 2024 and 32,000 in 2015. This fiscal deterioration has been observed since the reinstatement of the US’s “maximum pressure” economic strategy against Iran by President Trump. The Iranian economy faces significant challenges due to these external pressures, compounded by domestic financial management issues.
The dismissal of Abdolnaser Hemmati as Finance Minister marks a significant moment in Iran’s ongoing economic struggles. The rapid depreciation of the rial highlights the efficacy of the US economic policies imposed on Iran, further complicating the financial landscape for the nation. As Iran’s government seeks immediate solutions through new leadership, the fundamental issues of inflation and currency stability remain pressing challenges that need to be addressed.
Original Source: shafaq.com
