Iran’s Parliament Dismisses Economy Minister Amid Currency Crisis

Iran’s Parliament has dismissed the Minister of Economy due to severe rial depreciation and alleged mismanagement, amid escalating tensions with the West and international sanctions. The rial’s value has plummeted dramatically, causing economic instability. Lawmakers have urged for unity to combat these issues as the government acknowledges the challenging economic conditions.

Iran’s Parliament has voted to remove the Minister of Economy, Ehsan Khandouzi, following a significant decline in the value of the rial and allegations of mismanagement. This decision occurs against a backdrop of escalating tensions surrounding Iran’s nuclear ambitions and deteriorating relations with Western nations. The currency’s devaluation is stark, as it has fallen from 32,000 rials per dollar in 2015 to an alarming rate of 930,000 rials today, indicating severe economic distress exacerbated by international sanctions post-2018, following the U.S. exit from the nuclear agreement.

The recent parliamentary dismissal of the economy minister highlights the Iranian government’s ongoing struggles with economic management amidst international sanctions and internal pressures. Although the economic situation remains dire, officials stress the importance of unity and resilience to navigate these challenges while addressing inflation and public trust issues.

Original Source: m.economictimes.com