Iran Erupts: Currency Collapse Fuels Mass Protests, Markets Shut Down

• Iran's currency, the rial, hit a historic low of 1.4 million per US dollar, sparking widespread protests.
• Markets in major cities like Isfahan, Shiraz, and Tehran shut down; police used tear gas to disperse crowds.
• Central Bank head Mohammad Reza Farzin resigned amidst the largest protests since Mahsa Zhina Amini's 2022 death.
• Economic hardship, rising inflation, new petrol price hikes, and planned tax increases are fueling public anger.
• The crisis is exacerbated by the 2018 US withdrawal from the nuclear deal, which reimposed sanctions on Iran.

Why It Matters: Iran faces widespread unrest as its currency collapses, driving citizens to protest against economic hardship and policies.