TEHRAN, March 2, 2025 (BSS/AFP) - Iran's parliament opened impeachment proceedings on Sunday against its finance minister following the sharp depreciation of the national currency, the rial.

On the black market on Sunday, the rial was trading at more than 920,000 to the US dollar, compared with less than 600,000 in mid-2024.

President Masoud Pezeshkian will offer lawmakers his defence of Minister Abdolnaser Hemmati, who will also speak in support of his own record.

Parliament is expected to vote on the impeachment in the afternoon, with any dismissal requiring the backing of a majority of the 290-seat body.

Pezeshkian took office in July with the ambition of reviving the economy and ending some Western-imposed sanctions.

Decades of US-led sanctions have battered Iran's economy, with inflation worsening since Washington pulled out of a landmark 2015 nuclear deal in 2018.

US President Donald Trump, who returned to the White House in January, has revived his policy of "maximum pressure" on Iran, further tightening restrictions on the Islamic republic.

According to the Iranian constitution, a dismissal of the minister would be effective immediately, with a caretaker appointed until the government chooses a replacement.