Mass protests in Iran for several days already. It started with a record currency collapse

Photo: Fatemeh Bahrami/Anadolu via Getty Images

Protests in Iran began on Sunday, December 28. On that day, the rial fell to a record low — 1 million 450 thousand per dollar. Unpredictable exchange rate fluctuations forced many sellers to refuse deals, and buyers to postpone purchases hoping that the market situation would stabilize.

Stores in Tehran began to close. Owners took to the streets. The main capital bazaar became the epicenter of the protests.

At that time, Iranian President Masoud Pezeshkian had to defend the proposed budget bill for the new fiscal year. It was significantly cut, but at the same time included a 20% salary increase for civil servants. This is against the backdrop of consumer goods prices in the country rising by more than 52% over the past 12 months.

However, the protests were not limited to Tehran and continued the next day in the cities of Hamadan, Malard-Karaj, and on Qeshm Island. Demonstrations were also held in Kermanshah, Yazd, and Shiraz.

As a result, the budget commission rejected the general provisions of the new budget bill, and the Governor of the Central Bank of Iran, Mohammad Farzin, resigned. Nasser Hemmati, former Minister of Economy, was appointed to this position.

Meanwhile, manifestations began to be marked by outbreaks of violence. Security forces tried to disperse protesters with tear gas.

On December 30, people were protesting in at least nine provinces, including Tehran, Alborz, Kermanshah, Markazi, Hamadan, and Isfahan.

On the third day, students from several universities in different parts of the country joined the protest. In Tehran, they chanted "Death to the dictator!" Photos circulated in the media showing clashes between police and demonstrators. Soon, news broke of students from Tehran University being detained. The next day, the rector's office announced their release from custody.

With students joining the protests, demands shifted to the political sphere. Participants began to express dissatisfaction with the entire structure of the Islamic Republic's government, and slogans appeared in support of Reza Pahlavi, son of the overthrown Shah.

Iranian officials decided to act softly, hoping to prevent the spread of actions and their escalation into anti-government demonstrations. On Tuesday, the President of Iran wrote on his X social media account: "The welfare of the people is my daily concern. And through dialogue with representatives of the protesters, we will take their legitimate demands into account."

At the same time, some high-ranking officials claim that what is happening in the country is the result of foreign intervention.

Benjamin Netanyahu's meeting with Donald Trump at the White House fueled talks about renewing war with Iran, and the government declared Wednesday a holiday in more than 20 provinces, citing cold weather and energy imbalance — perhaps hoping that economic measures could reduce the intensity of passions.

Nasser Hemmati, Iran's new central bank chief, promised on Wednesday that he would "stabilize the currency market" and "eradicate corruption."

Iran's economy has been under pressure from international sanctions for many years, especially after Trump unilaterally withdrew from the 2015 nuclear deal in 2018. During the period of the deal's implementation, when sanctions were partially lifted, the dollar exchange rate was around 32,000 rials.

The current protests have already become the largest since those that raged in Iran under the slogan "Woman, Life, Freedom" in 2022 after the death of 22-year-old Mahsa Amini, who was in police custody for "refusing to wear a hijab."

• 7
• 1
• 0
• 0
• 0
• 0
• 0
• 1