Iran is grappling with escalating economic turmoil as protests ignited by the Iranian rial's record low against the US dollar spread across the nation for a third consecutive day. The unrest, initially triggered by a strike among shopkeepers in Tehran's Grand Bazaar on Sunday, has now extended to cities including Karaj, Hamedan, Qeshm, Malard, Isfahan, Kermanshah, Shiraz, and Yazd, as confirmed by BBC Persian.

The rial's depreciation to a historic low against the dollar on the open market served as the immediate catalyst for the protests. While specific figures for the currency's decline were not disclosed, the severity of the situation prompted widespread discontent among Iranian citizens and business owners. The economic strain is further compounded by rising inflation, exacerbating the financial pressures on the population.

The protests are expected to further destabilize the Iranian market, potentially disrupting trade and investment. The government's response, including acknowledging the protests and promising to listen to grievances, reflects the gravity of the situation. President Masoud Pezeshkian's directive to the interior minister to engage in talks with protest representatives suggests an attempt to de-escalate the unrest and address the underlying economic issues. The acceptance of Mohammadreza Farzin's resignation as central bank governor and the appointment of Abdolnasser Hemmati as his replacement signal a potential shift in monetary policy aimed at stabilizing the rial and curbing inflation.

Iran's economy has faced significant challenges in recent years, including international sanctions, fluctuating oil prices, and internal economic mismanagement. These factors have contributed to currency devaluation, inflation, and a decline in living standards. The current protests highlight the growing frustration among Iranians over the economic situation and the government's ability to address these challenges.

Looking ahead, the future outlook for Iran's economy remains uncertain. The government's ability to effectively address the underlying economic issues, stabilize the currency, and alleviate inflationary pressures will be crucial in preventing further unrest. The success of negotiations with protest representatives and the implementation of sound economic policies will be key factors in determining the country's economic trajectory.