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.



Fuel to Air India Jet Engines Cut Off Moments Before Crash, Finds Probe

A firefighter stands next to the crashed Air India Boeing 787-8 Dreamliner aircraft, in Ahmedabad, India, June 13, 2025. (Reuters)
A firefighter stands next to the crashed Air India Boeing 787-8 Dreamliner aircraft, in Ahmedabad, India, June 13, 2025. (Reuters)
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Fuel to Air India Jet Engines Cut Off Moments Before Crash, Finds Probe

A firefighter stands next to the crashed Air India Boeing 787-8 Dreamliner aircraft, in Ahmedabad, India, June 13, 2025. (Reuters)
A firefighter stands next to the crashed Air India Boeing 787-8 Dreamliner aircraft, in Ahmedabad, India, June 13, 2025. (Reuters)

Fuel control switches to the engines of an Air India flight that crashed shortly after takeoff, killing 260 people, were moved from the "run" to the "cutoff" position moments before impact, a preliminary investigation report said early Saturday.

The report, issued by India's Aircraft Accident Investigation Bureau, did not offer any conclusions or apportion blame for the June 12 disaster, but indicated that one pilot asked the other why he cut off fuel, and the second pilot responded that he had not.

The Boeing 787-8 Dreamliner was headed from Ahmedabad in western India to London when it crashed, killing all but one of the 242 people on board as well as 19 people on the ground.

In its 15-page report, the investigation bureau said that once the aircraft achieved its top recorded speed, "the Engine 1 and Engine 2 fuel cutoff switches transitioned from RUN to CUTOFF position one after another with a time gap of 01 sec".

"In the cockpit voice recording, one of the pilots is heard asking the other why did he cutoff. The other pilot responded that he did not do so," it said.

The aircraft quickly began to lose altitude.

The switches then returned to the "RUN" position and the engines appeared to be gathering power, but "one of the pilots transmitted 'MAYDAY MAYDAY MAYDAY'", the report said.

Air traffic controllers asked the pilots what was wrong, but then saw the plane crashing and called emergency personnel to the scene.

- Investigation ongoing -

Earlier this week, specialist website The Air Current, citing multiple sources familiar with the probe, reported it had "narrowed its focus to the movement of the engine fuel switches", while noting that full analysis will "take months -- if not longer".

It added that "the focus of the investigators could change during that time".

The Indian agency's report said that the US Federal Aviation Administration had issued an information bulletin in 2018 about "the potential disengagement of the fuel control switch locking feature".

Though the concern was not considered an "unsafe condition" that would warrant a more serious directive, Air India told investigators it did not carry out suggested inspections as they were "advisory and not mandatory".

Air India was compliant with all airworthiness directives and alert service bulletins on the aircraft, the report said.

The investigations bureau said there were "no recommended actions to B787-8 and/or GE GEnx-1B engine operators and manufacturers", suggesting no technical issues with the engines (GE) or the aircraft (Boeing).

Boeing did not immediately respond to a request for comment.

The bureau said the investigation was ongoing, and that additional evidence and information has been "sought from the stakeholders".

The UN's International Civil Aviation Organization (ICAO) stipulates that states heading investigation must submit a preliminary report within 30 days of an accident.

US and British air accident investigators have taken part in the probe.

The plane was carrying 230 passengers -- 169 Indians, 53 British, seven Portuguese and a Canadian -- along with 12 crew members.

Dozens of people on the ground were injured.

One passenger miraculously survived, a British citizen who was seen walking out of the wreckage of the crash, and who has since been discharged from hospital.

Health officials in the Indian state of Gujarat initially said at least 279 people were killed, but forensic scientists reduced the figure after multiple scattered and badly burnt remains were identified.