President Masoud Pezeshkian of Iran has instructed interior minister Eskandar Momeni to start dialogue with Iranians protesting against the considerable devaluation of the national currency, and announced reforms to the country's banking and financial systems.

According to Pezeshkian, the Iranian government's respective agenda includes fundamental reforms of the country's banking and financial systems to maintain the purchasing power of the country’s population.

Numerous Iranian merchants on Monday held a protest in the center of capital Tehran against the sharp decline in the Iranian rial.

Businessmen participating in the protest called on their colleagues to close their shops and join the movement, Fars news agency reports.

The governor of the Central Bank of Iran, Mohammad Reza Farzin, resigned amid this large weakening of the national currency.

According to the Iranian TGJU portal, which tracks currency and gold prices, the price of one US dollar has increased by 83.8 percent against the Iranian rial over the past year, currently amounting to approximately 1,385,000 rials. Over the past three years, the US dollar has gained value against the Iranian rial by approximately 219 percent.