At a Glance
- Iran’s currency falls to record low, sparking the largest protests in three years.
- Central Bank head Mohammad Reza Farzin resigns amid the crisis.
- Traders shut shops and police use tear gas in Tehran and other cities.
- Why it matters: The surge in inflation and political unrest threatens household budgets and could trigger wider economic instability.
TEHRAN, Iran – News Of Austin reported Monday that a wave of street protests erupted across Tehran and other major Iranian cities as the rial slid to a record 1.38 million to the dollar and the central bank chief Mohammad Reza Farzin stepped down. The demonstrations, the biggest since the 2022 Mahsa Jina Amini protests, reflected growing public anger over soaring prices and a sharp currency collapse.
Protests Break Out Across the Capital
State TV confirmed Farzin’s resignation, and traders on Saadi Street and the Shush market in downtown Tehran joined the protests, demanding a halt to the rapid devaluation. Shopkeepers and merchants-who played a key role in the 1979 revolution-shut their stalls, urging others to follow suit. In some parts of Tehran, police fired tear gas to disperse the crowds.
Nationwide Demonstrations and Economic Fallout
Similar rallies erupted in Isfahan, Shiraz, and Mashhad, while the protests in Tehran’s Grand Bazaar area intensified after Monday’s rally. The rial fell from 1.42 million on Sunday to 1.38 million on Monday, a steep decline from the 430,000 level when Farzin took office in 2022.
- Rial: 1.42 million (Sunday) → 1.38 million (Monday)
- Inflation: 42.2% in December, up 1.8% from November
- Food prices: up 72% from December last year
- Health & medical items: up 50% from December last year
| Category | December 2023 | Comparison |
|---|---|---|
| Inflation | 42.2% | +1.8% vs Nov |
| Food prices | +72% | from Dec 2022 |
| Health & medical | +50% | from Dec 2022 |
The rapid depreciation is compounding inflationary pressure, pushing up prices of food and other daily necessities and further straining household budgets, a trend that could worsen with a gasoline price change introduced in recent days.
Key Takeaways
- The rial’s plunge to a record low has sparked the biggest protests since 2022.
- Central Bank head Mohammad Reza Farzin resigned amid the crisis.
- Inflation hit 42.2% in December, with food and health prices soaring.
The unrest highlights the fragility of Iran’s economy and the deep public frustration over rising costs and a collapsing currency.
