Iran’s parliament has removed the Minister of Economy due to the rial’s dramatic decline, now trading at 930,000 to the dollar. Challenges include international sanctions and a budget deficit from the previous administration. Although some lawmakers defended Hemmati’s efforts, inflation remains high, showing the need for unified action to address the ongoing economic crisis.
Iran’s parliament has dismissed the Minister of Economy, Abdolnasser Hemmati, due to the country’s deteriorating economic conditions, specifically the rapid devaluation of the rial. The rial’s exchange rate has drastically dropped from 32,000 to 584,000 against the dollar in 2015 to around 930,000 in recent weeks, further exacerbated by international sanctions and geopolitical tensions. Lawmakers defended Hemmati, pointing to challenges stemming from the previous administration’s budget deficits and external pressures affecting public trust and currency values.
Pezeshkian, a member of parliament, urged for unity amid the difficult circumstances, highlighting that the government is embroiled in significant confrontations with Western powers due to ongoing nuclear discussions. Despite acknowledging the adverse economic conditions faced during his role, Hemmati noted a slight decrease in inflation over his tenure, yet maintained that inflation was still alarmingly high at 35%. He reaffirmed his administration’s commitment to rectifying the situation, while cautioning that improvements would take considerable time.
This recent parliamentary decision reflects ongoing economic and political turbulence in Iran, which continues to grapple with complex relationships both internally and with the global community. The fallout from the dismissal of a key economic figure underscores the precarious state of Iran’s financial environment exacerbated by sanctions and reduced public confidence.
The dismissal of Iran’s Minister of Economy illustrates the country’s struggles with a severe currency crisis linked to international sanctions and mismanagement. Despite efforts to address rising inflation and economic challenges, the legislative move highlights an urgent call for collaboration among lawmakers to navigate Iran’s turbulent financial landscape. The situation remains critical as Iran’s economy faces multiple pressures both domestically and internationally.
Original Source: m.economictimes.com
