Iran’s Parliament Dismisses Finance Minister Amid Economic Crisis

Iran’s Parliament dismissed Finance Minister Abdolnaser Hemmati due to inflation and a depreciating rial, with 182 lawmakers voting for his removal. The rial’s black market rate exceeded 920,000 per US dollar, highlighting severe economic challenges. An acting minister will oversee operations until a permanent successor is chosen.

Iran’s Parliament has officially dismissed Finance Minister Abdolnaser Hemmati due to rampant inflation and a significant decline in the national currency. This decision was made following a confidence vote in which 182 out of 273 lawmakers endorsed his removal. The vote took place nearly eight months after President Masoud Pezeshkian’s administration commenced its term, highlighting ongoing economic challenges in the country.

Hemmati’s dismissal is effective immediately, with an acting minister appointed to fulfill his duties until a permanent replacement is designated by the government. The Iranian rial has suffered drastic depreciation, trading at over 920,000 per US dollar on the black market, a stark contrast to less than 600,000 in 2024 and only 32,000 in 2015. This troubling trend follows the instatement of US President Donald Trump and his “maximum pressure” economic strategy against Iran, which has adversely affected the nation’s economy.

In summary, the Iranian Parliament’s decision to remove Finance Minister Abdolnaser Hemmati underscores the dire economic situation characterized by soaring inflation and the rial’s steep depreciation. This change in leadership reflects ongoing governmental struggles to stabilize the economy amid external pressures, including US sanctions. As Iran seeks to mitigate these challenges, the appointment of a new finance minister will be critical to addressing the economic crisis.

Original Source: shafaq.com