Head of Iran's Central Bank resigns amid protests as rial hits record low against the dollar
Summary
The head of Iran's Central Bank, Mohammad Reza Farzin, resigned as protests occurred in Tehran and other cities due to the country's currency hitting a new low against the U.S. dollar. The depreciation of the Iranian rial is causing high inflation and rising costs of essential goods, sparking public demonstrations.Key Facts
- Mohammad Reza Farzin, Iran's Central Bank head, resigned amid economic protests.
- Protests took place in Tehran and other major Iranian cities.
- The Iranian rial fell to a historic low, trading at 1.38 million rials to the dollar.
- The currency's decline has increased inflation, with prices for food and medicine rising significantly.
- Iran's inflation rate in December was 42.2%, with food prices increasing by 72%.
- The currency was much stronger at around 32,000 rials to the dollar during the 2015 nuclear deal.
- The 2018 withdrawal of the U.S. from the nuclear deal by President Donald Trump is linked to the rial's depreciation.
- Increased taxes and further economic strain are expected in the new Iranian year beginning March 21.
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