Iranian Parliament Dismisses Finance Minister Amid Economic Crisis

Iran’s parliament has sacked Finance Minister Abdolnaser Hemmati amid soaring inflation and currency woes, with 182 lawmakers approving his impeachment. The Iranian rial’s value has plummeted in the black market, worsening the economic crisis. President Masoud Pezeshkian defended Hemmati, noting that the country is in an economic war and cannot blame one individual for the situation.

On Sunday, Iran’s parliament voted to remove Finance Minister Abdolnaser Hemmati following his impeachment amid rising inflation and a depreciating currency, as reported by state television. Hemmati received the backing of only 91 lawmakers, as 182 out of 273 present parliamentarians voted in favor of his dismissal. This decision reflects the ongoing economic pressures faced by the nation, primarily attributed to decades of sanctions and the fallout from the U.S. withdrawal from the 2015 nuclear agreement.

As of Sunday, the Iranian rial was trading at over 920,000 to the U.S. dollar in the black market, a significant increase from under 600,000 in mid-2024, illustrating the severe economic crisis. In a previous defense of Hemmati, President Masoud Pezeshkian emphasized the challenges facing the nation, stating, “We are in a full-scale [economic] war with the enemy … we must take a war formation.” He insisted that the issues affecting Iran’s economy could not solely be attributed to one individual.

Furthermore, lawmakers expressed their frustration towards Hemmati, attributing the current economic difficulties to his tenure. This action underlines the growing impatience among officials regarding the economic situation, as citizens face the burden of inflated prices and shrinking purchasing power. The dismissal of Hemmati typifies the broader challenges posed by domestic and international pressures, shaping Iran’s economic landscape.

The dismissal of Finance Minister Abdolnaser Hemmati by the Iranian parliament underscores the severity of the nation’s economic challenges, marked by soaring inflation and a disintegrating currency. This development is a response to a prolonged economic downturn exacerbated by sanctions and political factors. The situation highlights the complex interplay between governance and economic performance in Iran, necessitating robust solutions to alleviate escalating public discontent.

Original Source: www.scmp.com