Iranian Parliament Discusses a Record Drop in Local Currency

An Iranian man looks at the exchange store in Tehran (EPA)
An Iranian man looks at the exchange store in Tehran (EPA)
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Iranian Parliament Discusses a Record Drop in Local Currency

An Iranian man looks at the exchange store in Tehran (EPA)
An Iranian man looks at the exchange store in Tehran (EPA)

The Iranian parliament held a closed session on the record decline of the Iranian riyal against foreign currencies as the dollar continues its record-breaking high.

The parliament held an extraordinary session with Vice President Mohammad Mokhber, Economy Minister Ehsan Khandouzi, and Central Bank Governor Mohammadreza Farzin.

A spokesman for the parliament's presidency, Nizamuddin Mousavi, told reporters that the three officials' questioning came following the rise in the exchange rate and essential commodities.

He indicated that senior government economic officials explained the developments in the exchange market, adding that the lawmakers stressed the need to find solutions to the living conditions.

Mousavi noted that government officials recognized that the exchange rate fluctuations could harm the country's economy, noting that officials are proposing contradicting policies.

A member of the parliament's presidency, Alireza Salimi, told the Fars news agency that the Economy Minister informed lawmakers that the security forces arrested many currency manipulators whose aim was to disrupt the currency market.

Farzin told lawmakers that only the rates announced by the bank's new portal were "real."

According to Fars, lawmakers criticized the currency situation and called on the government to take serious measures to control fluctuations.

It quoted the deputies as saying that the governor has the necessary powers to facilitate measures, noting that if the government faced restrictions and legal obstacles, the parliament was ready to pass laws to help.

The parliamentarians said they were ready to cooperate with the government to improve the situation.

MP Mohammadreza Taj al-Dini reported that the Central Bank governor said the foreign currency rate is unrealistic, calling for a unified system for gold and currencies.

The government and the parliament agreed to hold joint sessions on the gold and currency market and the economic situation in the country, said Taj al-Dini, adding that the government can benefit from the parliament's advice to stabilize the economy.

The Minister of Economy briefed the parliamentarians on the currency market imbalances, adding that the security, intelligence, and judicial institutions would deal with currency manipulators.

Meanwhile, the local currency fell below the level of 500,000 riyals per the US dollar last Monday, as market participants saw no end to the sanctions.

On Saturday, the riyal plummeted to a new record low at 567,000 against the dollar, compared to the 539,200 recorded on Friday, according to Bonbast.com, which gathers live data from Iranian exchanges.

The US Commerce Department targeted Belarus, Iran, and others in its latest response to Russia's invasion of Ukraine, imposing export controls and adding more targets to its target list.

Economists said the deadlock in nuclear negotiations, the exacerbation of Western-Iranian tensions, especially after the Ukrainian war, the suppression of recent protests, and the government's failure to improve the economic situation were among the reasons for the rise in the exchange rate.

Facing an inflation rate of about 50%, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies, or gold, suggesting further headwinds for the rial.

Over the last six months, Iran's currency has slumped nearly 60% in value, according to Bonbast.com.

Iranian websites quoted Speaker Mohammad Ghalibaf as saying that the parliament and government need to coordinate to regulate the currency market.

In response, Central Bank Governor Abdul Nasser Hemmati implicitly criticized Ghalibaf's statements, wondering why it has taken so long to solve the issue if the parliament and the government agreed to regulate and stabilize the market in an hour-long meeting.

Hemmati, who lost the previous presidential elections, wondered if the economic team realized the impact of the high exchange rate on people's livelihoods.



Israeli Left-wing Leader Says War Must End, Government 'Doesn't Represent' The People

 Smoke rises to the sky following an Israeli strike in the Gaza Strip as seen from southern Israel, Friday, June 6, 2025. (AP)
Smoke rises to the sky following an Israeli strike in the Gaza Strip as seen from southern Israel, Friday, June 6, 2025. (AP)
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Israeli Left-wing Leader Says War Must End, Government 'Doesn't Represent' The People

 Smoke rises to the sky following an Israeli strike in the Gaza Strip as seen from southern Israel, Friday, June 6, 2025. (AP)
Smoke rises to the sky following an Israeli strike in the Gaza Strip as seen from southern Israel, Friday, June 6, 2025. (AP)

Israeli left-wing opposition leader Yair Golan called on Monday for an immediate end to the Gaza war and said that Prime Minister Benjamin Netanyahu's government no longer represented most Israelis.

"Today the government of Israel doesn't represent the vast majority of Israelis," said Golan, chairman of the Democrats party and a former deputy army chief, days before a planned parliament vote which the opposition hopes would trigger a general election.

He told journalists in a briefing that after more than 20 months of fighting, triggered by Hamas's October 7, 2023 attack, Israel "should end the war as soon as possible".

Golan's party, a conglomeration of left-wing factions, has only four seats in Israel's 120-member legislature, making it one of its smallest political groups.

But in a country where coalition building is essential to achieving a political majority, even relatively small parties can wield considerable power.

Golan, a former deputy minister in a short-lived administration that replaced Netanyahu in 2021-2022, said that the current government -- one of the most right-wing in Israel's history -- was a threat to democracy.

The opposition leader said he represents those "who want to save Israeli democracy... from a corrupted future" and from the "messianic-like and nationalistic and extremist vision of a very small faction in the Israeli society".

"The vast majority wants to keep Israel as the homeland of the Jewish people and at the same time a free, egalitarian and democratic state," Golan said.

He said that the vast majority of Israelis wanted to see an immediate end to the war in Gaza, the return of all hostages held by Palestinian fighters in a single exchange deal, and the establishment of a national commission of inquiry into Hamas's unprecedented 2023 attack, arguing that the Netanyahu government was opposed to these objectives.

"I believe that we can reach a hostages deal in a matter of days," Golan said.

"I believe that by ending the war and freeing the hostages, we will be able to build an alternative to Hamas inside the Gaza Strip."

Criticizing the government's Gaza war policies, the former army general has recently drawn condemnation in Israel for saying that "a sane country... does not kill babies for a hobby".

Golan on Monday also said that most Israelis support legislation that would require ultra-Orthodox Jewish men, who are currently largely exempt from military service, to enlist.

The issue has sparked tension between Netanyahu and ultra-Orthodox parties in his government, with lawmakers threatening to topple the prime minister if no agreement is reached this week.

Some opposition parties are seeking to place a bill to dissolve parliament on Wednesday's plenary agenda, hoping to capitalize on the ultra-Orthodox revolt.

"The vast majority wants new elections as soon as possible," Golan said.