Iran’s Parliament is set to debate the impeachment of Abdolnasser Hemmati, Minister of Economic Affairs and Finance, in its session on March 3, local media reported.

The spokesperson for Parliament’s presiding board confirmed that the morning session will focus on reviewing the impeachment motion, with the possibility of continuing discussions into the afternoon if necessary.

The impeachment process began after a motion signed by 90 MPs was submitted, criticising the minister for sharp and unprecedented rises in foreign exchange rates over the past few months. Despite extensive support for Hemmati—especially from President Masoud Pezeshkian and several top officials—MPs proceeded with impeachment, and 161 of them eventually signed the letter.

President Pezeshkian has warned that replacing Abdolnasser Hemmati will not solve Iran’s economic challenges. “Economic problems require scientific solutions,” he said on March 2 during a visit to the Islamic Republic News Agency headquarters.

“We ask representatives to propose solutions instead of blaming an individual. Changing Hemmati will not solve anything,” Pezeshkian added.

Shahram Dabiri, parliamentary deputy to President Pezeshkian, said, “Regarding the impeachment of the economy minister, several meetings have been held to provide explanations and convince members of the parliament. Overall, significant progress has been made, with many MPs becoming more informed about the situation.”

“There is no possibility of the economy minister retreating from his positions,” he added. Dabiri believes that Hemmati is fully prepared to explain and justify his performance, and also address valid criticisms during the impeachment session.

Some MPs have also expressed their support for the minister. Ahmad Bigdeli, a member of Parliament’s Social Commission, defended Hemmati, saying: “He has only been in office for a few short months, and it is not logical to impeach him based on such a brief period of performance.”

Hemmati appears to have the backing of the business community, particularly those in the capital market. Fardin Aghbozorgi, a capital market expert, discussed the MPs move in an interview with EcoIran. “These actions by parliamentarians are completely theatrical, and we all know there is no convincing economic basis for impeachment. Hemmati’s presence has greatly benefited the capital market, and its participants will stand by him.”

Last month, the government implemented its most significant foreign exchange market reform in recent years with the permanent closure of the NIMA trading system, a platform that has been central to the country's currency transactions since 2017.

The move was coincided with several political updates and successive jumps in foreign exchange rates. TGJU data indicates a 53% increase in dollar’s price over the past six months. This while, figures indicate some stability in prices over the past three weeks, even though rial is at a historic low.

Sources familiar with the matter indicate that Hemmati is unlikely to be the one leaving the government’s economic team. Ahmad Bakhshayesh Ardestani, a member of Parliament’s National Security Commission, told Khabar Online that if MPs decide to remove Hemmati from his post, President Pezeshkian may appoint Hemmati as Governor of the Central Bank of Iran instead.

A recently published list of MPs who supported the Economy Minister’s impeachment indicates that the majority are affiliated with the Paydari Party and other groups opposed to the government, according to Khabar Online.

Besides, many argue that managing exchange rate fluctuations is primarily the responsibility of the Central Bank of Iran and in Iranian political practice, the central bank governor has traditionally been held accountable for currency market performance. Some observers claim the current governor, Mohammad Reza Farzin, has close ties with the government’s opponents, shifting the focus of accusations towards Hemmati instead.

Hemmati had previously asked MPs to question the central bank governor, as he is officially in charge of the currency market. In a recent update, Farzin said: “Hemmati served for years as governor of the Central Bank of Iran. His understanding and expertise are an additional asset for us. We must overcome our problems and thwart the conspiracies of our enemies and the domination system.”