Iran’s Parliament has dismissed Finance Minister Abdolnaser Hemmati due to inflation and the currency’s decline. The vote was nearly eight months into President Pezeshkian’s presidency, with 182 of 273 lawmakers in favor. The rial has drastically depreciated, reflecting the impact of U.S. sanctions.
Iran’s Parliament has voted to remove Finance Minister Abdolnaser Hemmati amid rampant inflation and a significant decline in the value of the national currency, as reported by state-run television. Hemmati lost the confidence vote nearly eight months after the inauguration of President Masoud Pezeshkian, with 182 of the 273 lawmakers supporting his dismissal due to the rial’s steep depreciation. Following the constitutional protocols, Hemmati’s dismissal is effective immediately, and an acting minister will be appointed until a permanent successor is selected.
The Iranian rial has suffered a dramatic fall, trading on the black market at over 920,000 rials per US dollar, a stark contrast to rates of less than 600,000 in 2024 and 32,000 in 2015. This significant depreciation has occurred in the context of renewed economic sanctions and pressure from the United States under former President Donald Trump, highlighting the economic challenges facing Iran.
The dismissal of Finance Minister Abdolnaser Hemmati by Iran’s Parliament underscores the prevailing economic crisis, characterized by soaring inflation and a collapsing national currency. The swift action reflects the government’s struggles to address the adverse impact of U.S. sanctions and the resulting economic instability, with immediate implications for Iran’s financial leadership and strategy.
Original Source: shafaq.com
