December 2, 2022

Iranian protest over economic meltdown, building collapse

Economic turmoil from sanctions and government mismanagement have boiled over into street protests following a collapse of a 10-story building that has driven anger across Iran. Sporadic protests have broken out in several Iranian cities as the death toll has continued rising from one of Iran’s deadliest such disasters in years, Radio Free Europe reports. 

Authorities have blamed the disaster on loose safety standards and isolated corruption. However, the May 23 accident is widely seen as symbolic of the country’s corruption and negligence, sparking eight days of protests as the country reels from unrest over rising food prices and other economic issues.

Iran’s currency, the rial, has continued to weaken as unrest and economic crises self-perpetuate. The rial fell as low as 31,500 against the dollar in June from 28,150 a month before. High inflation and the currency’s sustained collapse have rapidly eroded purchasing power and wiped out savings for the many in the country of 80 million people.

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