Mohammad Reza Farzin

Force in Play

Resigned December 29 after rial collapsed to record lows

The Iranian rial lost half its value in six months, prompting merchants—the same traders who toppled the Shah in 1979—to shut down Tehran's Grand Bazaar on December 28. Within two weeks, the strike became the largest uprising since the Islamic Revolution; credible estimates range from 500 to 3,000 dead after a five-day internet blackout, with the IRGC firing live ammunition on crowds.

Updated May 20

Force in Play

Resigned December 29, 2025 amid currency collapse

Iran's Central Bank governor resigned December 29 after the rial collapsed to 1.42 million per dollar (a 70% drop during his tenure), triggering the largest street protests in three years. By December 30, merchants had kept Tehran's historic Grand Bazaar shuttered for three days, and crowds in Isfahan, Shiraz, Kermanshah, and Mashhad chanted 'Death to the Dictator' and 'Death to Khamenei'.

Updated May 18