Iranian Parliament Dismisses Finance Minister Amid Economic Crisis

Iran’s parliament impeached and removed Finance Minister Abdolnaser Hemmati due to rising inflation and a declining currency. This decision came as the Iranian rial’s value drastically fell against the US dollar, exacerbating economic stress in the country. President Masoud Pezeshkian defended Hemmati, highlighting that the economic crisis cannot be solely attributed to one person, while lawmakers criticized Hemmati for the deteriorating economic conditions.

On Sunday, Iran’s parliament removed Finance Minister Abdolnaser Hemmati, citing his failure to address soaring inflation and a deteriorating currency as reasons for his impeachment. A total of 182 out of 273 lawmakers present expressed their disapproval, leading to his dismissal. The Iranian rial experienced a significant drop, trading at over 920,000 to the US dollar in the black market, a sharp decline from less than 600,000 in mid-2024, indicative of the economic crisis following the US withdrawal from the 2015 nuclear agreement.

Defending Hemmati, President Masoud Pezeshkian urged lawmakers to recognize that the nation is engaged in an economic conflict, stating, “We are in a full-scale [economic] war with the enemy … we must take a war formation.” He emphasized that the responsibility for the current economic troubles cannot rest solely on one individual, urging a broader acknowledgment of the situation’s complexities. Despite pleas for understanding, parliamentarians expressed their dissatisfaction through vocal criticisms directed at Hemmati, underscoring their expectations for improved economic management.

The sacking of Finance Minister Abdolnaser Hemmati highlights significant economic challenges faced by Iran, characterized by soaring inflation and a plunging currency. The large majority vote in favor of his removal reflects widespread dissatisfaction among lawmakers regarding the government’s economic management. President Pezeshkian’s defense of Hemmati suggests a recognition of greater systemic issues impacting the nation’s economy, beyond the performance of a single individual.

Original Source: www.scmp.com