Iran Parliament Dismisses Finance Minister Amid Economic Crisis

Iran’s parliament removed Finance Minister Abdolnaser Hemmati due to soaring inflation and currency devaluation. Amid intense criticism, President Pezeshkian defended Hemmati, arguing the economic issues are systemic, not the fault of one individual. The Iranian rial has significantly depreciated, prompting increasing public discontent over economic conditions.

On Sunday, Iran’s parliament voted to impeach and subsequently dismiss Finance Minister Abdolnaser Hemmati due to the country’s escalating inflation and devaluation of its currency. The decision was made during a session where 182 out of 273 present parliamentarians expressed their lack of confidence in Hemmati’s ability to manage the economic crisis effectively. In financial markets, the Iranian rial has drastically depreciated, trading at over 920,000 to the US dollar, a significant decline from less than 600,000 in mid-2024.

President Masoud Pezeshkian defended Hemmati in the face of mounting criticism from lawmakers, emphasizing that the economic issues faced by Iran cannot be attributed solely to one individual. He stated, “We are in a full-scale [economic] war with the enemy … we must take a war formation”. Pezeshkian urged legislators to consider the broader context of ongoing sanctions and challenges impacting the economy, rather than placing all blame on the finance minister.

Lawmakers voiced their frustrations during the impeachment proceedings, repeatedly attributing the nation’s economic difficulties to Hemmati’s governance. This dismissal marks a critical point in Iranian politics as public dissatisfaction with economic conditions intensifies amid decades of sanctions that have significantly undermined the financial stability of the country.

The recent impeachment and dismissal of Finance Minister Abdolnaser Hemmati from Iran’s parliament highlight the growing frustration with the nation’s economic circumstances. With the rial’s depreciation and soaring inflation, legislators are urging accountability amidst severe economic challenges. President Pezeshkian’s defense of Hemmati underscores the complexity of Iran’s current economic plight, which results from multifaceted issues rather than the failings of a single official.

Original Source: www.scmp.com