Iran’s Parliament Dismisses Finance Minister Amid Rial’s…

Iran’s Parliament has dismissed Finance Minister Abdolnaser Hemmati due to loss of confidence amid soaring inflation and the declining rial. His removal comes as the currency hits a record low against the US dollar, signaling severe economic distress worsened by US sanctions. An acting minister will oversee the ministry until a permanent replacement is selected.

Iran’s Parliament has officially dismissed Finance Minister Abdolnaser Hemmati, as the country continues to grapple with significant inflation and a sharp decline in its national currency, the rial. The vote took place amidst a backdrop of economic instability, with Hemmati losing the confidence of 182 out of 273 lawmakers only eight months after his appointment in President Masoud Pezeshkian’s administration.

The dismissal of Hemmati is effective immediately under Iranian constitutional law, prompting the appointment of an acting finance minister until a permanent replacement is named. This political shift comes as the Iranian rial has been trading on the black market for over 920,000 rials per US dollar, a stark depreciation from 600,000 in 2024 and 32,000 in 2015.

This steep decline in currency value follows the reintroduction of stringent economic sanctions by the United States under President Donald Trump, part of a broader strategy referred to as “maximum pressure” against Iran. The current economic situation demands urgent action from the Iranian government to restore stability and confidence in the rial.

The ousting of Finance Minister Abdolnaser Hemmati by Iran’s Parliament highlights the ongoing economic struggles of the country, particularly the dramatic plunge of the rial against the US dollar. This change in leadership must address the urgent need for monetary stability amidst the challenges presented by US sanctions.

Original Source: shafaq.com