Nationwide demonstrations erupt in Iran as the country’s currency collapses to a record low, with the Central Bank governor resigning and inflation reaching critical levels.
Iran Faces Largest Protests in Three Years Amid Soaring Inflation and Currency Crisis
WRITTEN BY
SHARE
Massive protests broke out across Iran on Monday, with traders and shopkeepers rallying in major cities including Tehran, Isfahan, Shiraz, and Mashhad. The demonstrations were triggered by the Iranian rial’s dramatic depreciation, plummeting to 1.38 million to the US dollar, and the resignation of Central Bank head Mohammad Reza Farzin.
These are the largest protests in Iran since the 2022 demonstrations following Mahsa Jina Amini’s death. The economic crisis is marked by severe inflation, with December’s rate reaching 42.2%, food prices up 72%, and health items increasing 50% compared to the previous year. The currency’s value has collapsed from 32,000 rials to the dollar in 2015 to the current rate, exacerbated by international sanctions and regional tensions.
Read More: Iran Plans to Remove Four Zeros From Rial Amid High Inflation
FAQ 🧭
- What caused the protests? — The Iranian rial’s record-low exchange rate and mounting economic pressures, including high inflation and rising prices.
- How severe is the inflation? — December’s inflation rate reached 42.2%, with food prices rising 72% and health items up 50% year-on-year.
- When were the last major protests in Iran? — The previous significant protests occurred in 2022 following Mahsa Jina Amini’s death.
- What economic factors are contributing to the unrest? — International sanctions, currency depreciation, potential tax increases, and uncertainty from regional conflicts.
