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Iran’s Rial Slump Fuels Tehran Bazaar Walkouts as Peseschkian Seeks Talks

A record slide on the black market convulsed trade, prompting a central bank shake-up.

Overview

  • Shopkeepers shuttered stores and blocked streets in Tehran for a second day, with demonstrations reported spreading to cities including Isfahan, Shiraz, Mashhad, Kerman and Qeshm.
  • Security forces used tear gas to disperse crowds as chants moved from price grievances to political slogans, according to eyewitness reports.
  • Central Bank governor Mohammad Reza Farzin resigned, and state media said Abdolnaser Hemmati is set to replace him, with the government signaling the handover would be finalized Wednesday.
  • President Massud Peseschkian called the protesters’ demands legitimate and directed the interior ministry to open dialogue with their representatives.
  • The rial fell to roughly 1.42 million per US dollar on Sunday before a partial rebound, while official data show annual inflation near 42% and sharp increases in food and medicine costs pressuring households and import trade.