US EditionIran Central Bank governor resigns as protests erupt over currency drop
Mohammad Reza Farzin resigned after Iran's rial hit 1.42 million per dollar, with inflation soaring above 42% and protests spreading across Tehran and other cities.
- State TV reported Monday that Mohammad Reza Farzin, head of Iran's Central Bank, resigned as hundreds of traders and shopkeepers rallied in downtown Tehran amid a collapsing rial.
- On Sunday the rial plunged to around 1.42 million per dollar, while inflation hit 42.2% and food prices rose 72%, worsened by sanctions, a fuel price increase earlier this month and March 21 tax plans.
- In Tehran, traders and shopkeepers shut shops and rallied in Saadi Street and near the Grand Bazaar while protests spread to Isfahan, Shiraz and Mashhad, and security forces used tear gas to disperse crowds.
- The government said it is preparing a currency and livelihoods package while urging calm as Abdolnaser Hemmati was appointed Central Bank governor, and Chief Justice Gholamhossein Mohseni Ejei vowed 'decisive and deterrent' action.
- Historical echoes from bazaar-led political movements heighten the stakes of current unrest, as Iran's economy faces long-term strains — sanctions, the unravelled 2015 deal, and currency crisis — worsened by recent fuel price hikes and proposed tax increases, with protests recalling 1979 and 2019 unrest.
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77 Articles
Iran Sees Biggest Protests in 3 Years
Iran's largest protests in three years erupted Monday after the country's currency plummeted to a record low against the US dollar and the head of the Central Bank resigned, per the AP . State TV reported the resignation of Mohammad Reza Farzin, while traders and shopkeepers rallied in downtown Tehran as...
Mossad encourages Iranians to revolt in social media message
As protests widened, Iran’s central bank leadership was thrown into uncertainty. By Vered Weiss, World Israel News The Mossad publicly urged Iranians to take to the streets against their government on Monday, issuing an unusually direct call for protest as economic unrest intensified across the Islamic Republic. Using a Persian-language post on X, Mossad addressed Iranian citizens as demonstrations spread through major cities. “Go out together i…
Iran's central bank chief resigns amid protests and currency turmoil
Iran's state TV says the country's central bank chief Mohammad Reza Farzin has stepped down, as the country faces growing protests over the high cost of living. The move comes after the currency rial plummeted to a record low against the dollar on Sunday. The central bank has been accused of printing too much money in an effort to shore up the currency, but instead pushing the nation on the verge of hyper-inflation. Also in the segment, the pr…
Protests in Tehran of traders against the worsening economic situation in Iran. For the second consecutive day, in fact, some traders in the capital have lowered the shutters and have gathered to protest against the deterioration of the economic situation and the rapid devaluation of the national currency. The Iranian agency Illa, citing one of its journalists, signals the presence of "manifestations" near several bazaars located in the center o…
Iran: Anti-Regime Protests Erupt in Tehran, Other Cities as Currency Hits Record Low
"Iranian police fired tear gas and rubber bullets at thousands of merchants protesting soaring prices and the collapse of the local currency." The post Iran: Anti-Regime Protests Erupt in Tehran, Other Cities as Currency Hits Record Low first appeared on Le·gal In·sur·rec·tion.
Iran’s Central Bank Head Resigns Amid Currency Crash, Energy Crisis
Iran’s Central Bank governor Mohammad Reza Farzin stepped down on Monday after protests erupted in Tehran and other cities following a sharp collapse in the rial. The currency plunged on Sunday to around 1.42 million rials per dollar on the free market before stabilizing slightly at about 1.38 million on Monday. For perspective, Iran’s currency traded at roughly 32,000 rials per dollar when Tehran signed the JCPOA nuclear accord in 2015 under th…
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