On December 29, 2025, Iran's central bank governor Mohammad Reza Farzin resigned amid a sharp rial depreciation to a record low of 1.42 million per US dollar. Widespread protests erupted in Tehran and other cities as traders closed shops demanding government action against inflation, which hit 42.2% in December. The government appointed Abdolnaser Hemmati as the new central bank governor and proposed a 20% wage increase despite inflation exceeding 50%.