By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Viral Trending contentViral Trending content
  • Home
  • World News
  • Politics
  • Sports
  • Celebrity
  • Business
  • Crypto
  • Gaming News
  • Tech News
  • Travel
Reading: Iran's parliament fires minister of economy over plummeting rial, mismanagement
Notification Show More
Viral Trending contentViral Trending content
  • Home
  • Categories
    • World News
    • Politics
    • Sports
    • Celebrity
    • Business
    • Crypto
    • Tech News
    • Gaming News
    • Travel
  • Bookmarks
© 2024 All Rights reserved | Powered by Viraltrendingcontent
Viral Trending content > Blog > Business > Iran's parliament fires minister of economy over plummeting rial, mismanagement
Business

Iran's parliament fires minister of economy over plummeting rial, mismanagement

By Viral Trending Content 2 Min Read
Share
SHARE
Iran’s parliament on Sunday impeached the country’s economy minister and voted to remove him from office, amid growing concerns over the crashing rial and accusations of mismanagement.

Parliament Speaker Mohammad Bagher Qalibaf announced that 182 out of 273 lawmakers voted to dismiss Abdolnasser Hemmati, just six months after President Masoud Pezeshkian’s government took office.

Pezeshkian, who defended Hemmati, emphasized that the government is locked in a tough battle with the West. He called for greater unity and cooperation from Parliament to face these challenges.

The decision comes amid rising tensions over Iran’s nuclear program and worsening relations with the West. Iran’s economy has been severely affected by international sanctions, especially after the U.S. withdrew from the 2015 nuclear deal. In 2015, the rial was worth 32,000 to the dollar, but by the time Pezeshkian took office in July, it had plummeted to 584,000 to the dollar. Recently, it dropped even further, with exchange shops in Tehran trading 930,000 rials for each dollar.

During the impeachment proceedings, Mohammad Qasim Osmani, a lawmaker supporting Hemmati, argued that rising inflation and exchange rates were not the fault of the current government or Parliament. He pointed to the budget deficit left by the previous administration, which he said contributed to the economic instability. Osmani also cited recent geopolitical events as factors that undermined public confidence, causing many people to convert their savings into foreign currency, which in turn further devalued the rial.


Hemmati acknowledged the tough economic climate during his five months in office, including a 10% reduction in inflation. However, he acknowledged that inflation remained high, standing at 35%. He assured lawmakers that his team was working hard to address the issue, but warned that the process would take time. This latest development is another chapter in Iran’s ongoing political and economic struggles as the country continues to navigate a complex relationship with both its leadership and the international community.

You Might Also Like

JPMorgan CEO Jamie Dimon says he’s ‘learned and relearned’ to not make big decisions when he’s tired on Fridays

White House warned staff against betting on futures markets amid Iran war, official says

Only five ships crossed the Strait of Hormuz Thursday, far below Iran’s pledge as negotiations begin

TReDS tweak to ease MSME credit flow amid global pressure

1 FTSE 250 stock I like and 1 I’ll avoid after the stock market correction

TAGGED: bbc business, Business, business ideas, business insider, Business News, business plan, google my business, income, money, opportunity, small business, small business idea
Share This Article
Facebook Twitter Copy Link
Previous Article Monster Hunter Wilds Guide – How To Farm Zenny
Next Article ‘Bad nudist’ crackdown: New naturist etiquette rules
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad image

Latest News

JPMorgan CEO Jamie Dimon says he’s ‘learned and relearned’ to not make big decisions when he’s tired on Fridays
Business
Apple AI Pin Specs Leak: Dual Cameras, No Screen & More
Tech News
A ‘glass-like’ battlefield: German Army chief on the future of warfare
World News
Polymarket Sees Record $153M Daily Volume After Chainlink Integration
Crypto
Natasha Lyonne Then & Now: See Before & After Photos of the Actress Here
Celebrity
Cult Hit Doki Doki Literature Club Fights Removal From Google Play Store Over ‘Depiction Of Sensitive Themes’
Gaming News
Dead as Disco Launches Into Early Access on May 5th, Groovy New Gameplay Released
Gaming News

About Us

Welcome to Viraltrendingcontent, your go-to source for the latest updates on world news, politics, sports, celebrity, tech, travel, gaming, crypto news, and business news. We are dedicated to providing you with accurate, timely, and engaging content from around the globe.

Quick Links

  • Home
  • World News
  • Politics
  • Celebrity
  • Business
  • Home
  • World News
  • Politics
  • Sports
  • Celebrity
  • Business
  • Crypto
  • Gaming News
  • Tech News
  • Travel
  • Sports
  • Crypto
  • Tech News
  • Gaming News
  • Travel

Trending News

cageside seats

Unlocking the Ultimate WWE Experience: Cageside Seats News 2024

Investing £5 a day could help me build a second income of £329 a month!

JPMorgan CEO Jamie Dimon says he’s ‘learned and relearned’ to not make big decisions when he’s tired on Fridays

cageside seats
Unlocking the Ultimate WWE Experience: Cageside Seats News 2024
May 22, 2024
Investing £5 a day could help me build a second income of £329 a month!
March 27, 2024
JPMorgan CEO Jamie Dimon says he’s ‘learned and relearned’ to not make big decisions when he’s tired on Fridays
April 10, 2026
Brussels unveils plans for a European Degree but struggles to explain why
March 27, 2024
© 2024 All Rights reserved | Powered by Vraltrendingcontent
  • About Us
  • Contact US
  • Disclaimer
  • Privacy Policy
  • Terms of Service
Welcome Back!

Sign in to your account

Lost your password?