Iran’s Finance Minister Dismissed Amid Rising Inflation and Currency Devaluation

In a significant political move, Iran’s Finance Minister, Abdulnasser Hemmati, has been dismissed following his failure to control inflation and the devaluation of the Iranian rial. The Iranian parliament held a vote of confidence in Hemmati, where 182 out of 273 members voted against him, leading to his removal from office.

Hemmati, who was appointed as the Finance Minister and Minister of Economic Affairs in President Masoud Pezeshkian’s cabinet eight months ago, faced intense scrutiny over his handling of Iran’s economic situation. The dismissal comes as the country continues to grapple with soaring inflation and a sharp decline in the value of its currency.

According to foreign media reports, the price of the US dollar has skyrocketed to 920,000 Iranian rials in the black market, compared to less than 600,000 rials in mid-2024. This dramatic increase in the dollar’s value reflects the ongoing economic challenges Iran is facing.

Before his removal, President Pezeshkian had defended Hemmati, stating that the country was engaged in an “economic war” with its adversaries and that it was crucial to adopt wartime strategies. He also emphasized that Iran’s economic woes could not be attributed to a single individual, underscoring the complex nature of the challenges facing the nation.