Iran Ousts Economy Minister Amid Currency Crisis

Iran's parliament ousted Economy Minister Abdolnaser Hemmati over economic mismanagement and a depreciating currency. Despite attempts to mitigate sanctions and stabilize markets, Hemmati faced criticism for failing to control inflation and currency devaluation, crucial in light of the U.S.'s maximum pressure sanctions.

On Sunday, Iran's parliament voted to remove Economy Minister Abdolnaser Hemmati amid concerns over economic mismanagement and a severely weakening currency, according to state media reports.

Almost eight months after being appointed by President Masoud Pezeshkian, Hemmati was ousted in a no-confidence vote. During his tenure, Iran's currency lost nearly half its value against the U.S. dollar, according to unofficial sources like alanchand.com. Despite prioritizing the lifting of U.S. sanctions and removal from the Financial Action Task Force's blacklist, Hemmati faced criticism for not containing inflation and failing to stabilize foreign exchange markets.

Supporters argued his removal would cause further instability under continued U.S. sanctions. Iran's economic challenges remain acute under U.S. President Donald Trump's maximum pressure campaign, aimed at crippling Iran's oil exports. Ultimately, 182 parliament members supported the motion against Hemmati, with 89 opposing it, state media reported.

(With inputs from agencies.)