Overview
- Merchants closed shops in Tehran’s Grand Bazaar and rallied on Saadi and Shush streets as strikes spread to cities including Isfahan, Shiraz and Mashhad.
- The rial fell to roughly 1.45 million per dollar on Sunday before trading near 1.38 million on Monday and Tuesday on open markets.
- Official figures show December inflation near 42% year over year, with food prices up about 72% and health and medical items up around 50%.
- Central bank governor Mohammad Reza Farzin stepped down and former economy minister Abdolnaser Hemmati was named as his replacement.
- Security forces deployed tear gas in parts of Tehran as students mounted protests at several universities, while the government said it would open dialogue with protest representatives.