Iran Parliament Sacks Finance Minister Amid Economic Crisis

Iran's parliament voted to remove Economy and Finance Minister Abdolnaser Hemmati amid soaring inflation and a collapsing currency, with the rial trading over 920,000 to the US dollar. President Masoud Pezeshkian defended Hemmati, asserting that the economic challenges stem from broader issues rather than a single individual's mismanagement, emphasizing that the country is under economic pressure due to Western sanctions. Lawmakers criticized Hemmati for failing to control rising prices of essential goods and the foreign exchange market, while supporters argued that his ousting during a time of crisis could exacerbate instability. The rial's value has plummeted significantly since Pezeshkian took office, reflecting ongoing economic turmoil exacerbated by the fallout from the US withdrawal from the 2015 nuclear deal. Hemmati acknowledged chronic inflation as a significant problem and mentioned efforts to reduce it during his tenure. This political upheaval comes as the Iranian economy faces increasing strain and public discontent over rising living costs.