Iran’s parliament has dismissed Finance Minister Abdolnaser Hemmati following his impeachment, attributed to the country’s escalating inflation and a sharply falling currency. Despite support from President Pezeshkian, parliamentarians expressed dissatisfaction after the rial’s black market value plunged. The broader economic crisis reflects decades of sanctions and internal challenges, contributing to ongoing public struggles.
On Sunday, Iran’s parliament took decisive action by impeaching and subsequently sacking Finance Minister Abdolnaser Hemmati due to his ineffectiveness in addressing the nation’s dire economic situation, notably soaring inflation and the plummeting value of the Iranian rial. In the parliamentary vote, 182 out of 273 lawmakers supported his removal. Observers noted that on the black market, the rial was trading above 920,000 to the US dollar, a significant drop from less than 600,000 in mid-2024.
President Masoud Pezeshkian had earlier defended Hemmati, emphasizing the complexities of the economic crisis: “We are in a full-scale war with the enemy… we must take a war formation.” He argued that the financial troubles could not be solely attributed to one individual. Nevertheless, lawmakers vocally criticized Hemmati, holding him accountable for the inflation that has burdened the populace, stating concerns over unaffordable medicine and essential goods.
Since taking office in July, President Pezeshkian has aimed to revitalise the economy and mitigate the impact of Western sanctions. However, the rial experienced accelerated depreciation, particularly following the political upheaval in Syria that affected Iran’s economic conditions. Hemmati contended that current currency rates reflect inflationary expectations rather than genuine market value, attributing the chronic inflation to long-standing economic challenges.
The Iranian government’s recent move to dismiss Finance Minister Abdolnaser Hemmati underscores the ongoing economic turmoil in Iran, marked by high inflation rates and currency devaluation. Despite efforts to shift blame away from individual officials, the public’s frustration with rising living costs remains pronounced. This change in leadership follows a series of economic pressures exacerbated by external sanctions and domestic mismanagement, signaling potential instability in Iran’s economic governance.
Original Source: www.hindustantimes.com
