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Iran oil minister resigns as oil receipts fall and inflation surges

Inflation is running at 85%, and the rial is down more than 10% versus a month ago, the latest sign of worsening macro pressure.

Reported · Written up by our desk · Trade & Tariffs

Iran’s oil minister Mohsen Paknejad resigned as the country’s economic crisis deepened, with state-linked oil export receipts under scrutiny and broader macro stress accelerating, according to the Guardian Business.

Paknejad’s departure followed allegations that an intermediary trust involved in selling Iranian oil abroad owed millions of dollars’ worth of export receipts to the state, the outlet said.

The resignation comes as Iran faces a large drop in oil receipts, contributing to a major shortfall in foreign exchange earnings and one of the biggest declines in the rial’s value since the 1979 revolution, the Guardian Business reported.

Iranian President Masoud Pezeshkian accepted the resignation, citing that Paknejad gave personal reasons, while inflation remains at 85% and the rial was trading more than 10% lower than a month earlier, the outlet added.

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