TEHRAN, Iran (AP) — Iran appointed a new central bank governor on Wednesday as an economic crisis sparked mass protests following a record currency fall against the U.S. dollar.
President Masoud Pezeshkian’s Cabinet appointed Abdolnasser Hemmati, a former economics minister, as the new governor of the Central Bank of the Islamic Republic of Iran, the official IRNA news agency reported.
Hemmati succeeds Mohammad Reza Farzin, who resigned on Monday, the day after the start of some of the largest protests in the country in three years sparked by the decline of the rial, Iran's currency, to a record low.
Experts say a 40% inflation rate led to public discontent. The U.S. dollar traded at 1.38 million rials on Wednesday, compared with 430,000 rials when Farzin took office in 2022. Many traders and shopkeepers closed their businesses on Sunday and took to the streets of Tehran and other cities to protest.
Hemmati's agenda will included a focus on controlling inflation and strengthening the currency, as well as addressing the mismanagement of banks, the government’s spokeswoman Fatemeh Mohajerani wrote on X.
Hemmati, 68, previously served as minister of economic and financial affairs under Pezeshkian. In March parliament dismissed Hemmati for alleged mismanagement and accusations his policies hurt the strength of Iran’s rial against hard currencies.
A combination of the currency's rapid depreciation and inflationary pressure has pushed up the prices of food and other daily necessities, adding to strain on household budgets already under pressure due to Western sanctions on Iran over its nuclear program.
Inflation is expected to worsen with a gasoline price change introduced in recent weeks.
“Any effort to turn protests over economic issues to insecurity, damage to public properties or carrying out foreign scenarios, will face...strong reaction,” Prosecutor General Mohammad Movahedi Azad was cited by the Mizanonline news outlet as saying on Wednesday.
Iran’s currency was trading at 32,000 rials to the dollar at the time of the 2015 nuclear accord that lifted international sanctions in exchange for tight controls on Iran’s nuclear program. That deal unraveled after President Donald Trump unilaterally withdrew the United States from it in 2018, during his first term.
On Wednesday, Hamed Ostevar, a local judiciary official in the south of Iran, denied a young man had been killed during a protest, Mizanonline reported.
Ostevar, who is head of justice department of southern Iranian city of Fasa, said protests had turned violent after crowds broke into the governor's office and injured three policemen. Four protesters were arrested he said.
Merchants and traders have kept their shops closed in the main bazaars of Tehran, as well as in the southern city of Shiraz and western city of Kermanshah, witnesses said Wednesday.
Protesters march in downtown Tehran, Iran, Monday, Dec. 29, 2025. (Fars News Agency via AP)
Protesters march in downtown Tehran, Iran, Monday, Dec. 29, 2025. (Fars News Agency via AP)
MELBOURNE, Australia (AP) — Auckland was the first major city to ring in 2026 with a fireworks display launched from New Zealand’s tallest structure, Sky Tower, followed by a defiant celebration in Australia in the aftermath of its worst mass shooting.
South Pacific countries were the first to bid farewell to 2025. Clocks stuck midnight in Auckland 18 hours before the famous ball drop in New York’s Times Square. The five-minute display involved 3,500 fireworks.
Australia’s east coast welcomed 2026 two hours after New Zealand. In Sydney, celebrations were held under the pall of Australia’s worst mass shooting in almost 30 years. Two gunmen targeted a Hannukah celebration at Bondi Beach on Dec. 14, killing 15 and wounding 40.
A heavy police presence monitored the thousands who thronged to watch a fireworks show centered on the Sydney Harbor Bridge. Many officers openly carried rapid-fire rifles, a first for the event.
An hour before midnight, massacre victims were commemorated with a minute of silence. The crowd was invited to show solidarity with Australia’s Jewish community.
New South Wales Premier Chris Minns urged Sydney residents not to stay away through fear, saying extremists would interpret smaller crowds as a victory.
“We have to show defiance in the face of this terrible crime,” he said.
In Indonesia, cities scaled back festivities in solidarity with communities devastated by floods and landslides that struck parts of Sumatra island a month ago, claiming more than 1,100 lives.
The capital, Jakarta, held subdued celebrations with a program centered on prayers for victims. Concerts and fireworks on the tourist island of Bali were replaced with a cultural event featuring traditional dances.
Hong Kong was ringing in 2026 without the usual spectacle over iconic Victoria Harbor after a massive fire in November killed at least 161 people. The facades of landmarks were turning into countdown clocks presenting a light show at midnight.
Temple bells rang across Japan, and some people climbed mountains to see the year's first sunrise. Others were eating noodles in a traditional wish for long life because of the noodle’s shape. In South Korea's capital, Seoul, a bell tolling was held at the Bosingak Pavilion.
Palestinians in Gaza said they hope the new year brings a definitive end to the war between Israel and Hamas that has battered the enclave for two years, as negotiators push for progress into the ceasefire's challenging second phase.
“We hope that it will be a good year for our people in Palestine,” said Faraj Rasheed, noting that thousands continue to live in harsh conditions in tent camps.
Others described 2025 as a year of loss. “The war humiliated us,” said Mirvat Abed Al-Aal, displaced from the southern city of Rafah.
Tourists and Berliners marked the end of 2025 by taking selfies and making snowmen in front of the German capital's cathedral and the iconic Brandenburg Gate. The Berlin TV Tower was nearly invisible thanks to the falling flakes and fog.
Greece and Cyprus were turning down the volume, replacing traditional fireworks with low-noise pyrotechnics, light shows and drone displays in capital cities. Officials said the change is intended to make celebrations more welcoming for children and pets, particularly animals sensitive to loud noise.
Police in New York City will have additional anti-terrorism measures at the Times Square ball drop, with “mobile screening teams.” It is not in response to a specific threat, according to NYPD Commissioner Jessica Tisch.
After the ball drops it will rise again, sparkling in red, white and blue, to mark the country’s upcoming 250th birthday.
Zohran Mamdani will take office as mayor at the start of 2026. Two swearing-in ceremonies are planned, starting with a private ceremonial event around midnight in an old subway station.
Saaliq reported from New Delhi, India. Associated Press writers around the world contributed to this report.
The police stand guard during the 2026 Taipei New Year's Party celebration in front of the Taipei City Government Building in Taipei, Taiwan, Wednesday, Dec. 31, 2025. (AP Photo/Chiang Ying-ying)
People gather to celebrate the New Year at the Zojoji Buddhist temple, on Wednesday, Dec. 31, 2025 in Tokyo. (AP Photo/Eugene Hoshiko)
A Buddhist prays in front of lanterns on New Year's Eve at the Jogye temple in Seoul, South Korea, Wednesday, Dec. 31, 2025. (AP Photo/Lee Jin-man)
Fireworks burst over the Sydney Harbour Bridge during the New Year celebrations in Sydney, Thursday, Jan. 1, 2026. (AP Photo/Rick Rycroft)
Swimmers enter the water during the traditional Sylvester swim at lake Moossee in Moosseedorf, Switzerland, Wednesday, Dec. 31, 2025. (Anthony Anex/Keystone via AP)
A child poses for a photo with a prosperity decoration to welcome 2026 Year of the Horse, following the Chinese zodiac at a shopping district on new year's eve, in Beijing, Wednesday, Dec. 31, 2025. (AP Photo/Andy Wong)
A person walks by illuminated decorations on New Year's Eve in Seoul, South Korea, Wednesday, Dec. 31, 2025. (AP Photo/Lee Jin-man)
Fireworks burst over the Sydney Harbour Bridge as New Year's celebrations begin in Sydney, Wednesday, Dec. 31, 2025. (AP Photo/Rick Rycroft)
Fireworks burst over the Sydney Harbour Bridge as New Year's celebrations begin in Sydney, Wednesday, Dec. 31, 2025. (AP Photo/Rick Rycroft)
Ryan Seacrest and Rita Ora, hosts of "Dick Clark's New Year's Rockin' Eve with Ryan Seacrest 2026," in New York at the New Year's Eve Times Square Ball on Tuesday, Dec. 30, 2025. (AP Photo/Ted Shaffrey)
A vendor sells New Year's eve party goods at a market in downtown Lima, Peru, Tuesday, Dec. 30, 2025. (AP Photo/Guadalupe Pardo)
A families pose for a photo with a prosperity decoration to welcome 2026 Year of the Horse, following the Chinese zodiac as people visit a shopping district on new year's eve, in Beijing, Wednesday, Dec. 31, 2025. (AP Photo/Andy Wong)
A child poses for a photo with a prosperity decoration to welcome 2026 Year of the Horse, following the Chinese zodiac at a shopping district on new year's eve, in Beijing, Wednesday, Dec. 31, 2025. (AP Photo/Andy Wong)
