Iran’s Parliament Dismisses Finance Minister Amid Currency Crisis

Iran’s Parliament has removed Finance Minister Abdolnaser Hemmati due to inflation and the plummeting value of the rial. His ouster reflects dissatisfaction with his handling of the economy, as the rial now trades over 920,000 per dollar. This economic downturn comes on the heels of renewed U.S. sanctions under President Trump.

On Sunday, Iran’s Parliament voted to dismiss Finance Minister Abdolnaser Hemmati amidst a significant decline in the national currency and rising inflation. This decision followed a lack of confidence in Hemmati, with 182 out of 273 lawmakers supporting his removal mere months into President Masoud Pezeshkian’s administration. His dismissal takes immediate effect under the Iranian constitution, and an acting minister will be appointed until a permanent replacement is found.

The Iranian rial has suffered a steep depreciation, trading on the black market for over 920,000 rials per US dollar, a dramatic increase from less than 600,000 rials in 2024 and only 32,000 rials in 2015. This decline in currency value occurs in the wake of renewed economic sanctions imposed by the United States under President Donald Trump’s administration, which introduced a stringent “maximum pressure” economic policy against Iran.

The dismissal of Finance Minister Abdolnaser Hemmati by Iran’s Parliament underscores the severe economic challenges faced by the country. The drastic depreciation of the rial against the dollar reflects ongoing inflation and the impact of international sanctions. The appointment of an acting minister following Hemmati’s removal will be crucial for addressing these economic difficulties.

Original Source: shafaq.com