Iran’s parliament impeached Finance Minister Abdolnasser Hemmati on Sunday, voting to remove him from office. The decision followed a sharp decline in the rial, which nearly reached one million per US dollar.

Government Faces Growing Economic Pressure

President Masoud Pezeshkian, who defended Hemmati, acknowledged the economic crisis but blamed external pressures. He stressed that Iran is engaged in a difficult struggle with the West. He urged Parliament to unite with the government to tackle these challenges.

The dismissal occurred as tensions over Iran’s nuclear program and its relations with the West worsened. The economy continues to suffer under heavy international sanctions, particularly since the US withdrew from the 2015 nuclear deal.

Rial’s Collapse Sparks Concern

The rial’s value has declined dramatically in recent years. In 2015, it stood at 32,000 per dollar, but by July, when Pezeshkian took office, it had dropped to 584,000. Recently, Tehran’s exchange shops have traded it at 930,000 per dollar.

Steve Hanke, Professor of Applied Economics at Johns Hopkins University, highlighted Iran’s currency crisis in a post on X. He stated that the rial ranks as the third worst-performing currency worldwide.