Iran’s president has offered to rewrite his proposed 1405 budget after parliament rejected the draft, opening talks with lawmakers on pay rises, taxes and subsidies, the parliament speaker said.
Iran’s parliamentary budget committee has rejected the overall framework of the government’s 1405 (2026–27) budget bill, dealing an early setback to President Masoud Pezeshkian’s economic agenda amid soaring inflation and currency turmoil.
Iran’s president has appointed former economy minister Abdolnaser Hemmati as the new head of the central bank, state-linked media reported on Monday, confirming a leadership change amid turmoil in currency markets.
Iran’s judiciary warned on Monday that it would pursue and punish individuals accused of disrupting the country’s economic system, as authorities face mounting pressure from a collapsing currency, high inflation and widening public unrest.
Iran’s judiciary on Monday denied reports that the country’s top political leaders had approved the retention of the central bank governor, pushing back against swirling speculation over his fate as the rial slides to record lows and economic pressure mounts.
Shopkeepers in Tehran extended strikes into a second day on Monday, with closures reported across several key markets amid mounting economic pressure and a sharp fall in the national currency, according to information received by Iran International.
Iran’s audit watchdog pushed back on President Masoud Pezeshkian’s comments about fuel costs, warning officials against providing inaccurate data and saying gasoline imports this year were far lower than figures cited publicly.
Protests broke out among shopkeepers in central Tehran on Sunday after a sharp slide in the rial, with videos sent to Iran International showing crowds chanting antigovernment slogans.
Iran is losing soil faster than any other country, and restoring fertility in its vast Zagros mountain range would require diverting roughly half of annual oil revenues each year, a senior forestry expert said.
Iran has set aside about 4 million tons of wheat as a strategic reserve, equivalent to roughly three to four months of domestic consumption, the head of the state-run Government Trading Corporation said.
Iranian officials warned that the Gulf of Gorgan, the largest bay of the Caspian Sea, remains at risk of a “silent crisis,” saying dredging alone will not be enough to secure its long-term survival as water levels continue to fall.
Iran’s President Masoud Pezeshkian told parliament the government could not afford to raise wages in line with inflation as lawmakers opened debate on the budget for the Iranian year starting in March, with a sliding currency and rising living costs adding pressure to the plan.
Iran’s economy slipped back into contraction in the first half of the current year as inflation accelerated and the rial sank to record lows, compounding the pressure on President Masoud Pezeshkian as his government seeks approval for a tight budget starting on March 21.
Iran’s draft budget for the coming year, submitted to parliament this week, is being widely described by economists as the most contractionary in decades, shifting the burden of deficit control onto workers and consumers.
Air quality across wide parts of Iran deteriorated sharply on Saturday, with official data showing pollution reaching “unhealthy for all” levels in large areas of Tehran, Khuzestan and Isfahan provinces.
A series of rare viral videos by Iranian police officers describing severe financial hardship has triggered widespread reaction, with retractions by officers involved fueling allegations of pressure.
Iran’s handwoven carpet industry has fallen to its lowest level on record, hit by US sanctions, restrictive foreign-currency rules and regional instability that have driven exports close to collapse, the Financial Times reported on Friday.
Comments by Iran’s foreign minister describing international sanctions as having blessings have sparked a wave of criticism from economists and social media users, many accusing senior officials of being detached from the economic hardship faced by ordinary citizens.
A network of tunnels formed by illegal underground excavations beneath Tehran’s Grand Bazaar has triggered official warnings over serious safety risks, while raising questions about their purpose and those behind the digging.
Iran on Thursday began pilot sales of imported super gasoline through mobile fuel trucks, offering the high-octane fuel at market prices far above the country’s newly introduced three-tier subsidized system, state media reported.
Iran’s proposed budget for next year contains serious flaws and unexplained spending lines, a lawmaker said on Thursday, criticizing pay rises that lag inflation and new allocations linked to the president’s office.
Iran’s Revolutionary Guards said on Wednesday they had seized a tanker in the Persian Gulf carrying millions of litres of smuggled fuel, in the latest maritime interception announced by Tehran in the strategic waterway.