Iranian Parliament Moves to Impeach Economy Minister Amid Currency Crisis
Lawmakers initiate proceedings against Abdolnaser Hemmati as the rial hits record lows
Iran's parliament has initiated impeachment proceedings against Economy Minister Abdolnaser Hemmati in response to the national currency's sharp decline.
Ahmad Naderi, a member of the parliament's presiding board, confirmed that over 70 lawmakers have signed the motion, necessitating Hemmati's appearance before the legislature within ten days to defend his record.
The Iranian rial has experienced a significant depreciation, trading at approximately 892,500 to the U.S. dollar on the unofficial market as of February 8, 2025. This marks a substantial drop from mid-2024, when the exchange rate was below 600,000 rials per dollar.
The currency's decline has been exacerbated by recent geopolitical events, including the fall of Syrian President Bashar Assad, a longstanding ally of Tehran, on December 8, 2024. Additionally, the re-election of U.S. President Donald Trump in November 2024 has intensified economic pressures, as his administration reinstated the 'maximum pressure' campaign against Iran, leading to the re-imposition of stringent sanctions.
In response to the economic turmoil, President Masoud Pezeshkian has engaged in discussions with Hemmati and members of parliament.
During a speech commemorating the anniversary of the 1979 Islamic Revolution, Pezeshkian called for national unity and criticized U.S. sanctions, while expressing skepticism about the sincerity of U.S. offers for negotiations.
The impeachment motion against Hemmati reflects growing frustration within Iran's legislative body over the handling of the nation's economic challenges amidst escalating international tensions.
Ahmad Naderi, a member of the parliament's presiding board, confirmed that over 70 lawmakers have signed the motion, necessitating Hemmati's appearance before the legislature within ten days to defend his record.
The Iranian rial has experienced a significant depreciation, trading at approximately 892,500 to the U.S. dollar on the unofficial market as of February 8, 2025. This marks a substantial drop from mid-2024, when the exchange rate was below 600,000 rials per dollar.
The currency's decline has been exacerbated by recent geopolitical events, including the fall of Syrian President Bashar Assad, a longstanding ally of Tehran, on December 8, 2024. Additionally, the re-election of U.S. President Donald Trump in November 2024 has intensified economic pressures, as his administration reinstated the 'maximum pressure' campaign against Iran, leading to the re-imposition of stringent sanctions.
In response to the economic turmoil, President Masoud Pezeshkian has engaged in discussions with Hemmati and members of parliament.
During a speech commemorating the anniversary of the 1979 Islamic Revolution, Pezeshkian called for national unity and criticized U.S. sanctions, while expressing skepticism about the sincerity of U.S. offers for negotiations.
The impeachment motion against Hemmati reflects growing frustration within Iran's legislative body over the handling of the nation's economic challenges amidst escalating international tensions.
