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Iranian Protests Against Currency Collapse, Inflation Surge; Central Bank Governor Resigns; President Plans Financial System Reform
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A large number of people took to the streets in Tehran, the capital of Iran, and other cities on Monday (29th) to protest against the soaring inflation and the collapsing national currency, which have plunged the economy into chaos and strained household finances, The New York Times reported. IRR fell to a historic low last weekend, as Iran's inflation accelerated to 42.2% in December. The Governor of the Central Bank of Iran, Mohammad Reza Farzin, resigned on Monday, awaiting presidential approval, local media reported. Former Minister of Economy Abdolnaser Hemmati is expected to take over the position. In June, Israel and the US jointly targeted Iranian nuclear facilities, and US President Donald Trump continued to exert maximum pressure on Iran. The Iranian economic crisis poses a significant challenge to the Tehran government. Iranian President Masoud Pezeshkian posted on social media Monday night that he is concerned about the livelihoods of his people daily. The Iranian government plans to reform its currency and banking system to preserve the purchasing power of its citizens. AASTOCKS Financial News Website: www.aastocks.com |
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