Iran’s parliament removed Economy and Finance Minister Abdolnaser Hemmati due to soaring inflation and a plummeting currency. The Iranian rial’s black market rate exceeds 920,000 to the US dollar. President Pezeshkian defended Hemmati by attributing the economic crisis to broader factors rather than an individual’s actions, yet lawmaker frustration led to his impeachment.
In a significant political move, Iran’s parliament dismissed Economy and Finance Minister Abdolnaser Hemmati after a vote of confidence failed, resulting in the backing of 182 out of 273 lawmakers present. This decision was influenced by the country’s dire economic situation characterized by rampant inflation and a depreciating currency, with the rial currently trading at over 920,000 against the US dollar in the black market, a stark increase from mid-2024’s rate of less than 600,000.
During the parliamentary session, President Masoud Pezeshkian came to Hemmati’s defense. He stated, “We are in a full-scale [economic] war with the enemy … we must take a war formation” and emphasized that the current economic challenges should not be attributed solely to Hemmati. Lawmakers displayed their frustrations towards Hemmati, holding him accountable for the multitude of economic hardships facing the nation.
The Iranian parliament’s decision to remove Economy and Finance Minister Abdolnaser Hemmati highlights the intense dissatisfaction with government accountability for economic issues. President Masoud Pezeshkian attempted to mitigate the criticism by emphasizing the broader context of economic warfare impacting the country. Nonetheless, the dismissal reflects a significant response to the fiscal distress characterized by soaring inflation and currency devaluation.
Original Source: www.scmp.com
