On Sunday, the Iranian Parliament dismissed Minister of Economy and Finance Abdolnasser Hemmati after initiating a motion of no confidence against him due to his handling of the high inflation crisis and the decline in the value of the national currency.

According to Iranian state television, 182 out of 273 lawmakers present at the session supported the no-confidence motion.

This comes at a time when the Iranian rial has sharply declined. Its exchange rate in the black market exceeds 920,000 rials to the US dollar compared to less than 600,000 in mid-2024.