Tehran protests over currency slide push president to act

Iranian President Masoud Pezeshkian has instructed Interior Minister Eskandar Momeni to establish dialogue with protesters amid the sharp weakening of the national currency, and also announced reforms to the country’s banking and financial systems.

“I have instructed the interior minister to listen to the legitimate demands of the protesters through dialogue with their representatives so that the government can act effectively to resolve the problems,” Pezeshkian wrote on X.

He said the government’s agenda includes fundamental reforms of the banking and financial system aimed at preserving the purchasing power of the population.

On December 29, traders staged protests in central Tehran over the sharp fall of the Iranian rial. The epicentre of the demonstrations was Islamic Republic Street. According to the Fars news agency, protesting business owners called on colleagues to close their shops and join the movement. Some instigators attempted to provoke the crowd into chanting anti-government slogans, but these calls did not find support among the demonstrators.

Against the backdrop of the serious depreciation of the national currency, Iran’s central bank governor Mohammad Farzin resigned. According to Mohammad Mehdi Tabatabaei, deputy head of the presidential administration for public relations, Farzin will be replaced by former economy and finance minister Abdolnaser Hemmati.

According to data from the Iranian portal TGJU, which tracks currency and gold prices, the price of one US dollar has risen by 83.8% over the past year and currently stands at around 1.385 million rials. Over the past three years, the US dollar has strengthened by approximately 219% against the Iranian rial.

By Tamilla Hasanova