Some traders in Tehran, the Iranian capital, closed their stores on Monday (29) to protest against economic difficulties and sharp fluctuations in the Iranian currency, local media reported, following similar protests the day before.
The official IRNA news agency reported that some traders and traders in Tehran’s bazaar “completely or partially closed their shops”, adding that “some people chanted slogans to protest against the exchange rate and the economic situation”.
The ILNA agency also reported a demonstration by traders “against economic and subsistence pressures” in the bazaar, publishing images of workers gathered in the streets.
Iran’s currency hit new lows in the unofficial market, with the U.S. dollar trading at around 1.42 million riyals on Sunday – down from 820,000 riyals a year ago – and the euro approaching 1.7 million riyals, according to price tracking sites.
Rates fell slightly on Monday, with the US dollar hovering around 1.39 million riyals and the euro around 1.64 million riyals.
Correspondents for the AFP news agency said some merchants, including import-dependent electronics sellers, have temporarily suspended sales or changed their prices online, making it easier for them to make adjustments based on exchange rate fluctuations.
This Sunday, the ISNA agency reported that a group of merchants and cell phone sellers in a large shopping center in Tehran “protested against the sharp fluctuations in the exchange rate and the damage caused to the mobile phone market”, briefly closing their stores.
Traders told ILNA on Monday that volatile exchange rates made it difficult to set prices or strike deals, with one protester saying they were selling items to cover their costs. “But price fluctuations prevent us from replacing our products,” he said.
The conservative Fars news agency warned that the limited protests risked leading to instability.
Iran’s economy is under pressure due to high inflation and Western sanctions linked to its nuclear program. Western powers, as well as Israel, accuse the country of seeking to acquire nuclear weapons, an accusation denied by Tehran.
On Sunday, Iranian President Massoud Pezeshkian presented the budget for the next Persian year to parliament, promising to fight inflation and the high cost of living. This Monday, the president of the Iranian Supreme Court, Gholamhossein Mohseni Ejei, declared that “anyone who is dedicated to the accumulation (of foreign currencies) is a criminal and must be treated firmly.”
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