US EditionIran Central Bank governor resigns as protests erupt over currency drop
Mohammad Reza Farzin resigned amid protests triggered by the rial's plunge to 1.42 million against the dollar and inflation rising to 42.2%, worsening economic distress.
- On Tuesday, President Masoud Pezeshkian urged his government to hear protesters' 'legitimate demands' and pledged to protect livelihoods, while the presidency announced Abdolnasser Hemmati as new Central Bank governor.
- The currency crisis has pushed the rial to record lows at 1.42 million per US dollar on Sunday, while inflation runs at about 52 percent and taxes will rise 62 percent.
- On Monday shopkeepers shut stores for a second day in Tehran's Jomhouri area and the Grand Bazaar, occupying a major thoroughfare while videos showed antiriot forces using tear gas amid minor clashes.
- Government statements pledged fundamental reforms to the monetary system, and Pezeshkian delivered Sunday the next-year budget vowing to fight inflation, while Iranian Chief Justice Gholamhossein Mohseni Ejei demanded swift punishment for currency fluctuation culprits.
- Beyond currency woes, Iran faces energy and water crises plus one of the most restricted internet environments, compounding hardship for 90 million Iranians after unrest and United Nations and Western pressures.
186 Articles
186 Articles
In recent days Tehran has faced the most important demonstrations in recent years, triggered by the Iranian currency crisis and high inflation
Iran’s ailing supreme leader resorts to his only playbook as crises mount and protests erupt
Despite being so far limited, this week’s protests mark the latest chapter in growing discontent in Iran, while a population quietly reclaims public spaces and personal freedoms through uncoordinated acts of defiance
Protests in Iran over the deterioration of the economic situation and currency depreciation continued this Tuesday for the third day in a row, with the partial closure of businesses and student mobilizations at several universities. In the capital, Tehran, there has been a partial closure of businesses in the Grand Bazaar and other markets in the south of the capital, according to images published in X by Iranian opposition NGO Hrana, based in t…
The Iranian state television announced the departure of Mohammed Reza Farzin, Governor of the Central Bank, after all days of speculation about a possible retirement. Farzin, named in 2022, moved the institution's leadership at a time when the real is traded at about 430,000 dollars. The situation has deteriorated dramatically in recent months, and economic tensions have exploded in the street.Trades closed, and protests spreadThe first demonstr…
Protests by merchants over the high cost of living and hyperinflation erupted in Tehran over the weekend, spreading to other cities. President Masoud Pesekian called on the government to listen to the protesters' demands.
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