Iran’s Parliament ousts Finance Minister as rial plunges

Shafaq News/ Iran’s Parliament voted to dismiss Finance Minister Abdolnaser Hemmati, amid inflation and sharp decline in the national currency, the state-run television reported on Sunday.

Hemmati lost the confidence vote nearly eight months after President Masoud Pezeshkian’s administration took office, with 182 out of 273 lawmakers voting in favor of his removal following a steep depreciation of the Iranian rial.

Under Iran’s constitution, Hemmati’s dismissal takes immediate effect, with an acting minister appointed until the government selects a permanent replacement.

On Sunday, the currency traded on the black market at over 920,000 per US dollar, compared to less than 600,000 in 2024, and 32,000 in 2015.

This depreciation in the Iranian currency comes a few months after US President Donald Trump took office and brought back his “maximum pressure” economic policy against Iran.