Iran Faces Massive Protests Amid Economic Crisis and Currency Collapse

Iran is in the grip of a deepening economic crisis, with high inflation and a collapsing currency pushing protesters to the streets. The situation has escalated to the point of large scale demonstrations, strikes, and confrontations with security forces. Amid the unrest, the head of Iran’s Central Bank, Mohammad Reza Farzin, resigned as the country's currency plummeted to a new record low against the U.S. dollar, according to South China Morning Post.

Background

Iran’s economy has been rapidly deteriorating, leading to an energy crisis, water bankruptcy, and lethal pollution. The country's national currency has been hit hard, squeezing Iranians’ budgets and challenging the country’s leaders, as reported by the New York Times. This crisis has led to widespread protests, with some shopkeepers in Tehran closing their shops as a form of protest against the economic difficulties and fluctuations of the Iranian currency, according to Folha de S.Paulo.

Protests and Strikes

The protests erupted in both Tehran and other cities after the country's currency plummeted to a new record low. Security forces have reportedly used tear gas to disperse the protesters, according to Corriere della Sera. Notably, Fox News reports that demonstrators clashed with security forces in Tehran and Mashhad, with authorities deploying tear gas amid strikes and street clashes. The protests have turned central parts of Tehran into flashpoints as protesters and security forces engage in running street clashes near major government and commercial areas.

Responses and Reactions

The Iranian President, Masoud Pezeshkian, has emphasized the government's priority on economic reforms, stating that the livelihood of citizens is 'his daily concern.' He has also called on the government to hear the 'legitimate demands' of the protesters, as reported by Al Jazeera English and Le Monde. This claim is reinforced by The Times of Israel, which reports that the protests are the largest since the 2023 Mahsa Amini protests, with shopkeepers closing stores and protesters chanting anti-regime slogans.

In contrast, Fox News reports that Iran is reportedly developing chemical and biological warheads for its ballistic missiles amid the domestic unrest. However, this information has not been confirmed by other news sources.

Conclusion

With the economic crisis deepening, protests in Iran show no signs of calming down. While the government has vowed to prioritize economic reforms, the resignation of the Central Bank governor indicates the severity of the situation. As the Iranian currency continues its downward spiral, it remains to be seen how the government will respond to the escalating protests and the broader economic crisis.