Iran's minister of economy has been summoned to parliament for questioning due to currency fluctuations and their negative impact on the economy and people’s livelihoods, MP Abbas Goudarzi said Thursday.

“The representatives of the nation have summoned the minister of economy to parliament with questions, and if necessary, they will initiate impeachment proceedings,” Goudarzi said.

The Iranian rial plummeted to a historic low against the US dollar on Wednesday, trading at over 780,000 rials per dollar. The Iranian currency has lost about 50% of its value in less than a year.

A notable shock to the currency market occurred on November 6, when the dollar surged past 700,000 rials following news of Donald Trump’s victory in the US presidential election. However, the currency’s decline had already begun in September, triggered by severe setbacks inflicted by Israel on Iran's key regional proxy, Hezbollah, and an Israeli airstrike that destroyed much of Iran's air defenses.