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 multiple cities, including Karaj, Hamedan, Qeshm, Malard, Isfahan, Kermanshah, Shiraz, and Yazd, according to videos verified by BBC Persian.

The rial's depreciation to a record 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 drop prompted immediate action from the government. In response to the escalating crisis, President Masoud Pezeshkian accepted the resignation of Iran's central bank governor, Mohammadreza Farzin, and appointed Abdolnasser Hemmati, former economy and finance minister, as his replacement.

The protests and strikes are expected to further destabilize Iran's economy, potentially disrupting trade and investment. The government's acknowledgement of the protests and promise to engage in dialogue with representatives signal an attempt to mitigate the unrest and address the underlying economic grievances. However, the use of tear gas by police to disperse demonstrators suggests a delicate balancing act between acknowledging dissent and maintaining order.

Iran's economy has been under pressure for years, impacted by international sanctions, inflation, and internal economic policies. The recent currency devaluation is likely a symptom of these deeper structural issues. The central bank plays a crucial role in managing the country's currency and implementing monetary policy, and the change in leadership reflects the government's attempt to regain control over the situation.

Looking ahead, the situation remains volatile. The success of Hemmati in stabilizing the rial and addressing the protesters' concerns will be crucial in determining the future trajectory of Iran's economy. The government's ability to engage in meaningful dialogue and implement effective economic reforms will be critical in preventing further escalation of the unrest and mitigating the long-term economic consequences.