Masoud Pezeshkian pledged action to protect Iranians’ purchasing power as the country’s currency tumbled to record lows.

Iranian President Masoud Pezeshkian called on the government to listen to the protesters’ “legitimate demands” and pledged to protect their livelihoods in the aftermath of the incident. two days of demonstrations In Tehran, it faces a plunge in its currency and dire economic conditions.

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

“People’s livelihood is what I care about every day,” Pezeshkian posted on X.

“I have tasked the Minister of Home Affairs to listen to the legitimate demands of the protesters through dialogue with their representatives so that the government can fully resolve the issue and respond responsibly.”

He added that the government “has on its agenda fundamental actions to reform the currency and banking system and protect people’s purchasing power”.

Shopkeepers take to the streets

Protests erupted in Tehran as the Iranian rial fell to a record low against the dollar.

Rial has been declining rapidly The threat of another war with Israel remains looming in recent weeks as the United States and its Western allies have stepped up sanctions and diplomatic pressure.

Shopkeepers near two major technology and mobile shopping malls in Tehran’s Jomhouri district and in and around the Grand Bazaar closed their shops on Sunday and took to the streets, with further protests taking place on Monday afternoon.

Video on social media showed demonstrators chanting: “Don’t be afraid, we are in this together.”

Multiple videos showed heavily armed riot police using tear gas to disperse protesters.

Multiple challenges

Iranian state media reported the protests but stressed they were motivated by the unrestrained devaluation of the rial rather than broader frustration 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 around 50% and has been one of the highest in the world for years, while taxes are expected to rise by 62% under a controversial budget bill.

Iran has been facing a growing energy crisis, while most of the dams that supply water to Tehran and many other large cities remain near empty amid a severe water crisis.

At the same time, Iran also has one of the most restrictive Internet environments in the world.

As the United States, Israel and their European allies put increasing pressure on Iran’s nuclear program, the purchasing power of 90 million Iranians continues to decline.

Israel and the United States attacked Iran during June The war lasted for 12 days It killed more than 1,000 people, including civilians, dozens of senior military and intelligence commanders, and nuclear scientists.

The last time Iran saw nationwide protests was in 2022 and 2023, thousands of people took to the streets across the country after 22-year-old Mahsa Amini died in police custody after allegedly violating strict Islamic laws on headscarves.

Hundreds were killed and more than 20,000 arrested Several others were executed Related to protests.