Iran Dismisses Finance Minister Amid Inflation Crisis

Iran’s parliament has removed Finance and Economic Affairs Minister Abdolnasser Hemmati over his failure to control soaring inflation and the continued depreciation of the national currency.

According to Iranian state television, Hemmati was ousted through a no-confidence vote, with 182 out of 273 lawmakers voting against him. His dismissal follows the persistent decline of the Iranian rial, which saw the exchange rate reach 920,000 rials per US dollar last Sunday, compared to 600,000 rials per dollar in mid-2024.

Iranian President Masoud Pezeshkian had previously defended Hemmati, arguing that the country’s economic struggles could not be blamed on a single individual. However, lawmakers strongly opposed this stance, holding Hemmati responsible for the worsening financial crisis.

Parliament member Rouhollah Mottaghfar Azad criticized the government’s handling of inflation, stating that citizens could no longer bear the economic burden, and urgent measures were needed to stabilize foreign exchange rates and control rising prices. Another lawmaker, Fatemeh Mohammad, highlighted the impact of inflation on essential goods, saying people are struggling to afford medicine and medical equipment.

President Pezeshkian, who took office in July last year, pledged economic recovery and efforts to ease Western sanctions. However, his administration has yet to achieve these goals, as inflation continues to rise and the national currency weakens, leading parliament to take action by removing the finance minister.