Massive Protests Erupt in Iran Due to Worsening Economic Situation
The largest protests in three years have erupted in Iran, primarily involving traders and shop owners. The reasons include a sharp devaluation of the national currency (on December 28, the Iranian rial weakened to a record low of about 1.4 million per dollar), the resignation of Central Bank Governor Mohammad Farzin, and rising prices for food and medicine amidst sanctions pressure and a deteriorating economic situation following the war with Israel, reports Associated Press.
Illustrative photo. Photo: Fatemeh Bahrami/Anadolu via Getty Images
The protests began on Sunday with small rallies in major mobile phone markets in central Tehran, where demonstrators chanted anti-government slogans. Later, demonstrations took place on Saadi Street, in the Shush district, near the Grand Tehran Bazaar, and also in other cities — Isfahan, Shiraz, and Mashhad. Local university students also joined the protests. In some areas of Tehran, police used tear gas.
According to official statistics, inflation in December increased by 42.2% year-on-year, food prices by 72%, and medical goods prices by 50% compared to the previous year. Furthermore, the population was concerned about information regarding a potential tax increase for the Iranian New Year (March 21). In December, for the first time in six years, authorities raised gasoline prices.
Amidst the mass demonstrations, Iranian authorities announced their readiness to compromise with the protestors. The country's president, Masoud Pezeshkian, stated that he had instructed the Minister of Interior to listen to the "legitimate demands" of the protestors. A dialogue mechanism with protest leaders is planned to resolve issues peacefully.
Additionally, Pezeshkian promised to take "fundamental measures" to reform the monetary and banking system and preserve the purchasing power of citizens.
Previously, in 2022-2023, Iran was also swept by protests over rising prices, including for bread, as well as large demonstrations following the death of 22-year-old Mahsa Amini in a police station.
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