Overview
- The rial plunged to about 1.42 million per US dollar on Sunday before stabilizing near 1.38 million on Monday on the unofficial market, marking record lows.
- Shopkeepers rallied and closed stores in Saadi Street, Shush and around Tehran’s Grand Bazaar, with reports of similar gatherings in Isfahan, Shiraz and Mashhad.
- President Masoud Pezeshkian accepted Central Bank chief Mohammad Reza Farzin’s resignation and named former economy minister Abdolnaser Hemmati as his replacement.
- Security forces deployed in central Tehran, with videos and local media showing tear gas used to disperse crowds and limited clashes with protesters.
- Official data show annual inflation around 42.2% as planned tax increases and recent fuel price changes intensify public concern over living costs.