Iran’s parliament removed Finance Minister Abdolnaser Hemmati over soaring inflation and currency devaluation, with 182 lawmakers voting for his impeachment. The Iranian rial’s black market value exceeds 920,000 to the US dollar, a sharp decline. President Pezeshkian defended Hemmati amid calls for unity in addressing the economic crisis.
On Sunday, Iran’s parliament dismissed Finance Minister Abdolnaser Hemmati after a vote of no confidence, primarily due to the ongoing economic crisis characterized by high inflation and a declining national currency. A total of 182 out of 273 participating lawmakers supported his impeachment as the Iranian rial’s value plummeted on the black market, trading over 920,000 to one US dollar, a significant fall from less than 600,000 in mid-2024.
President Masoud Pezeshkian came to Hemmati’s defense, emphasizing the economic challenges as a result of external pressures rather than solely attributing the issues to the finance minister. He remarked on the necessity for a unified front in the ongoing economic struggle, suggesting that the problems could not be blamed on one individual alone.
Parliamentarians voiced their frustrations during the impeachment process, specifically targeting Hemmati for his perceived mishandling of the economy. The broader context includes decades of economic sanctions against Iran, exacerbating inflation and impacting the country’s financial stability since the U.S. withdrawal from the 2015 nuclear agreement.
The dismissal of Finance Minister Abdolnaser Hemmati highlights the Iranian parliament’s response to significant economic challenges, particularly soaring inflation and currency devaluation. President Pezeshkian’s defense reflects a recognition of the multifaceted nature of these issues, suggesting an external rather than an individual responsibility. The ongoing economic turmoil continues to strain Iran’s financial system, pointing to the need for comprehensive strategies to address these challenges.
Original Source: www.scmp.com
