Iran’s president calls on government to listen to protesters’ ‘legitimate demands’ | Economic and commercial news

Masoud Pezeshkian has vowed to take steps to protect Iranians’ purchasing power as the currency plummets to record lows.

Iranian President Masoud Pezeshkian called on his government to listen to the protesters’ “legitimate demands” and pledged to protect their livelihoods in the wake of the events. two days of demonstrations in Tehran against the fall of the national currency and the disastrous economic conditions.

In comments on social media also reported Tuesday by state news agency IRNA, Pezeshkian acknowledged the concerns of protesters, who have closed their shops and chanted in the streets during demonstrations in the capital since Sunday.

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“The livelihood of the people is my daily concern,” Pezeshkian posted on X.

“I have instructed the Minister of the Interior to hear the legitimate demands of the protesters through dialogue with their representatives, so that the government can act with all its strength to resolve the problems and respond to them responsibly.”

The government had “fundamental actions on the agenda to reform the monetary and banking system and preserve the purchasing power of the population,” he added.

Traders take to the streets

Protests in Tehran erupted as the Iranian rial plunged to new record lows against the US dollar.

The rial decreased rapidly in recent weeks, as the United States and its Western allies increase sanctions and diplomatic pressure, and the threat of a new war with Israel persists.

Merchants near two major technology and mobile phone shopping centers in Tehran’s Jomhouri district, as well as in and around the Grand Bazaar, closed their businesses and took to the streets on Sunday, with more protests Monday afternoon.

Footage posted on social media showed protesters chanting: “Don’t be afraid, we are in this together.” »

Several videos showed riot forces in full gear deploying tear gas to disperse protesters.

Multiple challenges

Iranian state media reported on the protests but stressed that they were driven by the uncontrolled depreciation of the rial, rather than broader disenchantment with the theocratic establishment that has ruled the country since the 1979 revolution.

Currency depreciation is not the only challenge facing the country. Inflation is running at around 50 percent, one of the highest in the world for several years, while under a controversial budget bill, taxes are set to rise by 62 percent.

Iran faces a worsening energy crisis, while most dams supplying Tehran and many other major cities remain almost empty amid a severe water crisis.

At the same time, Iran also has one of the most restricted internet environments in the world.

The continued decline in the purchasing power of 90 million Iranians comes amid growing pressure from the United States, Israel and their European allies over Iran’s nuclear program.

Israel and the United States attacked Iran in June a 12 day war which killed more than 1,000 people, including civilians, dozens of high-ranking military and intelligence commanders, and nuclear scientists.

Iran last saw nationwide protests in 2022 and 2023, with thousands of people taking to the streets across the country following the death in police custody of Mahsa Amini, 22, for alleged failure to comply with strict Islamic laws regarding the wearing of headscarves.

Hundreds of people have been killed, more than 20,000 have been arrested and several others were executed in connection with the demonstrations.