Iran’s finance minister was fired by the parliament on Sunday after being impeached due to the country’s skyrocketing inflation and depreciating currency, according to state media.Abdolnaser Hemmati, the minister of economy and finance, lost a vote of confidence, with 182 out of 273 lawmakers voting for his dismissal.
The Iranian rial was worth over 920,000 to the US dollar on the illegal market on Sunday, up from less than 600,000 in the middle of 2024. Hemmati, a former central bank governor, was backed by President Masoud Pezeshkian earlier, telling lawmakers: “We are in a full-scale (economic) war with the enemy.. we must take war formation.
One lawmaker, Ruhollah Motefakker-Azad, stated that the public could not stand the latest wave of inflation and that the price increases of products and foreign currency needed to be reined in. Another, Fatemeh Mohammadbeigi, stated, “People cannot afford to buy medicine and medical equipment.
When Pezeshkian took government in July, his goals were to ease some sanctions imposed by the West and revive the economy. However, since Iran’s friend Bashar Al Assad of Syria fell in December, the rial’s depreciation has only worsened.
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