Shopkeepers in Iran's capital voiced their fury at the ruling regime on Monday, shutting down stores in a dramatic protest against a deepening economic catastrophe marked by hyperinflation and a currency in freefall.
Historic Bazaar Brought to a Standstill
Local media reported widespread disruption at Tehran's historic Grand Bazaar, a vital commercial hub, as traders either fully closed or partially shuttered their businesses. The state-run IRNA news agency confirmed that a number of shopkeepers and merchants had closed their stores, adding that crowds gathered to chant slogans against the plunging value of the rial and rapidly worsening living conditions.
The ILNA news agency described the action as a protest against "economic and livelihood pressures," publishing images that showed traders spilling from the market into the surrounding streets. The conservative Fars news agency warned that even these limited protest gatherings risked leading to broader instability.
Currency Collapse and Pricing Chaos
Iran's currency has continued its dramatic slide, hitting fresh record lows on the unofficial market. According to price monitoring websites, the US dollar was trading at around 1.42 million rials on Sunday. This represents a sharp increase from approximately 820,000 rials just one year ago. The euro, meanwhile, approached 1.7 million rials.
Although the rates eased slightly on Monday, with the dollar at about 1.39 million rials, the volatility has paralysed commerce. AFP correspondents noted that some traders, particularly those selling imported electronics, had temporarily halted sales or moved their pricing online to adjust more easily to the wild fluctuations.
On Sunday, the ISNA news agency reported that mobile phone vendors at a main Tehran shopping centre had briefly closed shops to protest "sharp fluctuations in the exchange rate" and the damage inflicted on their market. One protester quoted by ILNA on Monday said they were selling items merely to cover costs, but "price swings prevent us from replacing our goods."
Mounting Public Fury and Official Responses
The unrest underscores the intense public frustration felt by ordinary Iranians grappling with rampant inflation, soaring living costs, and a prolonged economic downturn exacerbated by Western sanctions linked to Iran's nuclear programme. Western powers and Israel accuse Iran of seeking nuclear weapons, a charge Tehran consistently denies.
In response to the crisis, Iranian President Masoud Pezeshkian presented the budget for the next Persian year to parliament on Sunday, vowing to combat inflation and the high cost of living. A day later, the country's Chief Justice, Gholamhossein Mohseni Ejei, took a harder line, stating that "anyone who engages in hoarding (foreign currency) is a criminal and must be dealt with firmly."
The protests at the Grand Bazaar serve as a potent symbol of the growing chasm between the Iranian people and their leaders, as economic pressures reach a boiling point with no immediate relief in sight.
