Impeachment Threat Grows for Iran’s Economy Minister Amid Rising Currency Turmoil

The Iranian Parliament has initiated impeachment proceedings against Abdolnaser Hemmati, the Minister of Economy under President Masoud Pezeshkian. After only a few months in office, Hemmati faces criticism from lawmakers who argue he has failed to stabilize markets or curb steep increases in consumer prices.

Because lawmakers cannot legally summon the Central Bank governor for his role in these circumstances, their attention has turned to Hemmati. Although over 90 members of the Majles—many from the Paydari Front—have signed the impeachment letter, around 100 signatories may still fall short of the number required to guarantee his removal. Among the letter’s signers are 15 key figures who have also clashed with the administration on other issues, including internet filtering and hijab regulations.

This impeachment push comes less than six months into President Pezeshkian’s term. Though a session is scheduled for Sunday, March 2 (12 Esfand), some lawmakers believe the timing is premature. Fatemeh Maqsudi told ILNA it would be better to “give the government more time” to address entrenched economic troubles. Others, such as Majid Nasirpour and Beytollah Abdollahi, emphasize that systemic factors—rather than a single ministry—are behind extensive price volatility and currency instability.

In response, President Pezeshkian paid a “surprise visit” to the Ministry of Economy, calling it “unfair” to hold Hemmati solely responsible. He stressed that “monetary, banking, and foreign-exchange policies are decided collectively” by top governmental branches, parliamentary economic commissions, and experts.

Those in favor of Hemmati’s dismissal note that the dollar has soared above 90,000 tomans, briefly approaching 95,000 tomans, compared to around 60,000 tomans at the start of Pezeshkian’s presidency. Elyas Hazrati, head of the government’s Information Council, criticized the impeachment move as a “project” that may be influenced by outside agendas.

Beyond foreign-exchange turmoil, the government’s gold coin presale—priced at an implied 120,000 tomans per dollar—has sparked further criticism. Rice and potatoes, among other staple goods, continue to climb in cost, indicative of a larger inflationary trend that has eroded purchasing power. Meanwhile, average housing prices in Tehran have reportedly exceeded 100 million tomans per square meter—up from 31 million only a few years ago—and the Statistical Center of Iran places annual housing inflation at over 40%. Official figures list unemployment at 7.2% and general inflation at 32%, though many experts suspect higher actual rates.

Some legislators argue that removing Hemmati will not resolve the deep-rooted issues at play. They contend the administration’s economic team needs more than a few months to address decades-old challenges, which are further complicated by sanctions and geopolitical tensions. Notably, the Supreme Leader’s prohibition on negotiations puts a possible economic reprieve via sanctions relief further from reach.

Hemmati has remarked that if lawmakers genuinely seek an explanation, he is ready to defend his record, but if “they have already made up their minds,” little can be done. Regardless of the outcome, the debate underscores the complexity of Iran’s economic crisis and the intense political pressures within its legislative body.