Inside Iran’s Protests: How a Plunging Currency Set Off Wide Unrest

Well before the latest wave of protests in Iran, Saeed, a tech entrepreneur in Tehran, was ready for them.

For months, it felt as if he and his country were in free-fall. He had spent many sleepless nights since Israeli forces battered Iran’s nuclear facilities in June agonizing over his family’s future and whether more war was inevitable. A deepening economic crisis forced him to lay off his employees. All the while, Iran’s plummeting currency was evaporating his savings.

“I made my decision to join before these protests even took place,” said Saeed, who asked to withhold his full name, fearing retribution from the authorities.

“I am tired and exhausted by the fools and idiots that get to govern us,” he said. “I am tired of their theft, corruption and injustice.”

On Dec. 28, the Iranian rial plunged to an all-time low against the U.S. dollar, and unleashed the wave of anger Saeed had been expecting.

Within hours, shopkeepers in Tehran’s bazaars — the historic heart of Iran’s economy — organized a strike and took to the streets.