Europe Asia News

The Iranian rial has hit new lows. On the unofficial market, one U.S. dollar traded at around 1.42 million rials over the weekend, compared with about 820,000 rials a year ago. According to media reports, sharp fluctuations have made trading in imported goods difficult as both buyers and sellers adopt a wait-and-see approach.

State news agency IRNA reported that many shops, including in the capital Tehran and Qeshmön, were temporarily closed to limit economic losses.

Hundreds of traders gathered simultaneously in central Tehran, mainly in bazaars and major shopping streets, to protest the collapse of the currency and rising living costs.

Footage also showed unrest in Hamadan. According to BBC Persian, protesters chanted slogans such as “Death to the dictator.”

Videos circulating on social media show students joining the protests at a student dormitory in Tehran. In one video, a student says the dormitory gates were closed and the area was surrounded by motorcycle police.

According to the conservative Fars news agency, security forces intervened against protesters and used tear gas.

Iran’s chief justice called for swift legal action against those believed to have contributed to the currency’s depreciation, and the government announced that the central bank governor would be replaced.

Inflation in December was slightly above 50%, while wage increases remained well below that level.