Iranians take to the streets against a new stock market downturn
Iran has long ceased to be an example of stability, if it ever was. Its continuous confrontations with the vast majority of the world's countries have led it to a position of permanent tension and confrontation. Its involvement in the Yemen war on the side of the Houthi militias and its position vis-à-vis the United States and the Joint Comprehensive Plan of Action (JCPOA) have created an increasingly threatening image vis-à-vis the rest of international society. On top of all this, there is a trend that has been weighing on Iran for months, namely the decline of the Iranian stock market.
The streets of the capital have been filled with hundreds of people demonstrating against this new decline, which is seriously affecting the economy of millions of Iranians. They have blocked roads in the cities of Tehran, Mashad, the country's second largest city, and Isfahan, the third largest, where they staged a sit-in. The protesters denounced a "robbery of the people's pocket and silence in the house of Supreme Leader Khamenei", according to Iran International media. "Rohani has no honour and must be executed," they shouted as they blocked traffic and attacked public furniture.
Videos are circulating on social media showing hundreds of protesters surrounding stock exchange buildings in Tehran. This has been replicated in the other two cities, including an attempted assault in Isfahan on the stock exchange building, which was prevented by Iranian security forces. Protests have been on the rise in recent weeks, with the representative of the city of Tabriz in parliament saying that as many as "50 million Iranians have lost", in reference to the continuous downward spiral they have been experiencing for several months.
All these protest movements originated about a year ago. In April 2020, the stock market rose in an astonishing way, with an almost unbelievable leap for many, from 500,000 to almost two million units. At that moment of boom, many people decided to buy and were weighed down by the significant drop at the end of August, almost reaching one million. Due to this significant drop, savings, deposits and a long etcetera of financial resources were lost, turning a large part of Iranian society against the government of President Hasan Rohani.
Even the opposition has launched direct accusations against the government, denouncing it as "stock market manipulation", which Iran's leaders are using to alleviate the consequences of the country's deficit. One of the most controversial aspects surrounding the country's economic situation is of vital importance. The resignation, according to local sources due to the pressure he was under, of Hasan Ghalibaf Asl, the former head of the Stock Exchange and Securities Organisation, from his post, caused the protests and indignation of the population to increase, reaching points of tension such as those that are now reflected in the streets of the most important cities throughout the country.
The demonstrations come at a potentially pivotal moment for Iran. After five years of rupture between the two countries, Saudi Arabia and Iran have returned to the negotiating table. Despite the official denial of the meeting that took place in Baghdad earlier this month, the rapprochement between the Saudis and Iranians is a reality. The reason for this rapprochement between the two administrations could be the change in approach that the United States has experienced with the arrival of Joe Biden in the White House. The JCPOA, which is scheduled to meet again in the near future, is of great concern in Riyadh and they are aware of everything that might happen in the coming days. Iran will play a decisive role in the midst of a tense situation that seems to be nowhere near economic recovery and an end to the protests.