Protests in Iran, triggered by the plummeting rial and the soaring cost of living, are the "desperate gasps" of people seeking economic stability, analysts say, and addressing internal institutional failures is vital for the future.
The unrest began 12 days ago within the narrow aisles of the Grand Bazaar in Tehran, after the Iranian rial fell to a record low against the US dollar.
Authorities have attempted a dual approach to the protests – acknowledging the economic crisis and offering dialogue with demonstrators, while meeting more forceful displays of dissent with violence.
"The protests are the desperate gasps of a society that has lost its economic buffer," said Mohammad Farzanegan, professor of Middle East economics at the Centre for Near and Middle Eastern Studies in Germany.
“We are seeing ‘economic self-defence’ from the bazaar: merchants are closing shops because in an environment where the currency loses value by the hour, rational pricing becomes impossible.
Continue Reading on The National UAE
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.