Iranian Parliament removes economy minister from position citing concerns over economic mismanagement

Iranian legislators have successfully impeached and removed Abdonnasser Hemmati from his position as Minister of Economic Affairs and Finance. The move comes in response to ongoing economic challenges and a significant depreciation of the country’s national currency.

In a recent development within Parliament, Hemmati failed to secure a vote of confidence as 182 out of 273 lawmakers voted for his removal during Sunday’s session. In contrast, 89 lawmakers expressed their support for him to continue in office.

During the impeachment session, the minister, President Masoud Pezeshkian, and various lawmakers delivered speeches both supporting and opposing the motion.

President Pezeshkian has come to the defense of Abdolnaser Hemmati, the ex-governor of the Central Bank of Iran, asserting that the nation is engaged in an economic conflict with external adversaries. He emphasized that internal blame-shifting will not contribute to solving the ongoing issues.

He stressed that fostering unity and convergence remains the only viable solution to address the nation’s challenges.

During the session, Hemmati expressed confidence in Iran’s substantial capabilities, asserting that the nation will ultimately triumph in the ongoing economic conflict imposed by adversaries.

A coalition of 91 legislators has commenced impeachment proceedings against Hemmati, accusing him of inadequate efforts to stabilize the markets and control inflationary pressures.

The Iranian rial has experienced a significant depreciation following the inauguration of President Pezeshkian in July.

On Sunday, the free market witnessed the rial trading at upwards of 920,000 per US dollar, a notable depreciation from its previous rate of approximately 580,000 in mid-2024.