Protests erupt in Iran as prices surge and currency hits new low

Iran is facing its largest demonstrations in years as people hit the streets of Tehran and other cities to protest the country's dismal economic situation

Iran is facing its largest demonstrations in years as people hit the streets of Tehran and other cities to protest the country's dismal economic situation.

The protests erupted Sunday and gathered pace Monday after the Islamic Republic’s currency, the rial, hit a record low against the dollar. Many in Iran are already struggling with the cost of living, and rising prices have fueled concerns about potential hyperinflation.

In Tehran, shopkeepers protested near the city’s central bazaar, reminiscent of the Iranian revolution in 1979 when merchants played a key role by shuttering their shops and protesting against the reigning monarch at the time.

While the underlying reasons for the protests are economic, video geolocated by NBC News that circulated online Sunday showed crowds chanting against the country’s ruling clerics. NBC News was not able to establish when the footage was dated to.

A photo from the state-run Fars news agency showed tear gas being fired, though Iran's president urged authorities to listen to the "legitimate demands" of the protesters. The embattled head of the central bank, Mohammad Reza Farzin, resigned Monday, the state-run Islamic Republic News Agency (IRNA) reported.