Iran's president moves to calm protests, vows to fix Budget

Iranian president Masoud Pezeshkian sought to appease protesters by pledging to revise planned tax increases, saying demonstrators have "legitimate demands.

- Bloomberg

Iranian president Masoud Pezeshkian

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"Maintaining the purchasing power of the people is a priority," Pezeshkian posted on X after hundreds of demonstrators gathered at Tehran's Grand Bazaar and surrounding commercial areas on Monday. The government will act "with full capacity to resolve the issues and respond responsibly."

His comments come in the wake of a collapse in the local currency to a record low, pushing up food prices in the Persian Gulf nation of about 92 million people. The decline in the rial exacerbated economic hardship brought by stringent international sanctions, recently toughened further due to the ongoing impasse around Iran's nuclear program.