Overview
- Merchants in central Tehran shuttered shops for multiple days, with protests spreading across key commercial streets and parts of the Grand Bazaar.
- The rial’s unofficial rate fell to roughly 1.445 million per dollar at its trough and hovered near 1.41 million on Monday, with gold prices hitting records.
- President Massoud Pezeshkian replaced the central bank chief, accepting Mohammad Reza Farzin’s resignation and naming former governor Abdolnaser Hemmati, according to state-linked reports.
- Official data show annual inflation above 50% and food prices up more than 60%, while the widening gap between official and market exchange rates has disrupted trade and import planning.
- Security forces increased their presence as officials blamed foreign adversaries and the judiciary warned that hoarding foreign currency constitutes a crime.