Iran Parliament Dismisses Finance Minister Amid Economic Crisis
Iran’s parliament dismissed Finance Minister Abdolnaser Hemmati amid rising inflation and currency devaluation, with 182 lawmakers voting for his removal. The rial’s value on the black market has surged to over 920,000 to the dollar. President Pezeshkian defended Hemmati, asserting that economic problems are not solely his responsibility.
On Sunday, Iran’s parliament executed a vote of confidence resulting in the dismissal of Finance Minister Abdolnaser Hemmati due to escalating inflation and a devaluing currency. The decision saw 182 out of 273 present lawmakers endorsing his removal. Compounding the financial crisis, the Iranian rial was trading at a staggering 920,000 to the US dollar on the black market, starkly higher than its rate of under 600,000 in mid-2024.
President Masoud Pezeshkian offered his support for Hemmati prior to the impeachment, stating, “We are in a full-scale [economic] war with the enemy … we must take a war formation.” He emphasized that the economic difficulties stemming from the current crisis cannot be attributed solely to one individual. This defense followed a heated session where legislators expressed their frustration with Hemmati, accusing him of failing to address the country’s ongoing economic challenges.
The Iranian parliament’s decision to sack Finance Minister Abdolnaser Hemmati highlights the ongoing economic distress faced by the nation, exacerbated by extensive sanctions and high inflation. The dismissal reflects growing discontent among lawmakers regarding economic management. While President Pezeshkian defended Hemmati, emphasizing shared accountability in the current economic climate, the significant depreciation of the rial further underscores the severity of the situation.
Original Source: www.scmp.com
