Iran’s Economy Minister Impeached Amid Currency Crisis

Iran's parliament has impeached Economy Minister Abdolnasser Hemmati following growing dissatisfaction with his handling of the nation's economic crisis. The vote on Sunday resulted in 182 lawmakers supporting his dismissal and 91 voting against it. This comes just six months into President Masoud Pezeshkian's term, further intensifying the debate over Iran's deepening economic challenges.

The impeachment is largely attributed to the plummeting value of the Iranian rial, which has seen a dramatic decline in recent years. In 2015, the rial was valued at 32,000 to the dollar, but it now sits at around 930,000 to the dollar in exchange shops across Tehran. This devaluation, along with rising inflation and widespread public dissatisfaction, has put enormous pressure on the government.

During the impeachment debate, Parliament Speaker Mohammad Bagher Qalibaf stated that the economy’s struggles were exacerbated by heavy international sanctions and domestic mismanagement. Despite the criticism, President Pezeshkian defended Hemmati, emphasizing the ongoing battle with the West over issues such as Iran’s nuclear program. He urged unity and cooperation to address the nation's economic challenges.

In his brief tenure, Hemmati acknowledged the difficult economic situation, noting a slight reduction in inflation, which had decreased by 10%. However, inflation remains a significant concern at 35%, and Hemmati warned that stabilizing the economy would take time.