The head of Iran’s Central Bank resigned on Monday as the biggest protests since 2022 erupted in Tehran and other cities after the country’s currency plummeted to a new record low against the US dollar.

The resignation of Mohammad Reza Farzin was reported by state television, as traders and shopkeepers rallied in Saadi Street in downtown Tehran as well as in the Shush neighbourhood near Tehran’s main Grand Bazaar.

Merchants at the market played a crucial role in the 1979 Islamic Revolution that ousted the monarchy and brought Islamists to power.

The official IRNA news agency confirmed the protests. Witnesses reported similar rallies in other major cities including Isfahan in central Iran, Shiraz in the south and Mashhad in the northeast. In some places in Tehran, police fired tear gas to disperse protesters.

Witnesses told Associated Press that traders closed their shops and asked others to do the same. The semi-official ILNA news agency said many businesses stopped trading even though some kept their shops open.