Monday, March 3, 2025 - Iran’s parliament on Sunday voted to remove the country’s Economy Minister, Abdolnaser Hemmati, from office over mismanagement of the economy and a plunging national currency.
According to state media, the parliament dismissed Hemmati in a
no-confidence vote nearly eight months after President Masoud Pezeshkian
appointed his cabinet.
During this period, Iran’s currency has reportedly lost close to half of
its value against the US dollar.
The Iranian rial now trades at 927,000 to the US dollar, compared to
595,500 in August last year.
State media reported that parliamentarians opposing Hemmati argued that
he had failed to prevent price increases in essential goods such as medicine,
food, and housing, while also being unable to control the foreign exchange
market.
Hemmati had prioritised ending US sanctions on Iran and removing the
country from the Financial Action Task Force’s blacklist.
According to Hemmati’s supporters, it was not the right time to remove
the economy minister, as Iran remained under US sanctions, and replacing him
would cause further instability.
The economy is said to be the primary challenge for Iran’s ruling
clerics, who fear a resurgence of protests by lower- and middle-income
communities angered by rising poverty, which have erupted periodically since
2017.
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