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How corruption in the banks led to the "uprising of Iran"
21-01-2018 09:54 AM
Baghdad News -
21-01-2018 09:54 AM
A long time ago, the Caspian Bank in Iran ordered the withdrawal of the depositary, and then stopped paying interest. In May, it closed its doors, becoming one of the Iranian financial institutions that revealed serious corruption.
The closure undermined the calculations of thousands of Iranians, jeopardized the banking system and fueled anti-government protests that swept the country late last year.
Several demonstrations took place in Iran in protest against the economic situation that the regime has been subjected to. Dozens of people were arrested during the protests and others were killed, leading to international condemnation.
"I was very angry after the closure of the Caspian Bank so I joined the demonstrators in the streets," said Iranian businessman Mehrdad Asgari.
Economists say the series of failures in Iranian financial institutions is not only the result of risky banking practices, but also the result of rampant administrative corruption in the country.
The Iranian authorities have allowed many institutions, including those incorporated in 2016 to set up a Caspian bank, to gamble in deposits or rely on Ponzi's fraudulent schemes with impunity for years, the New York Times reported.
"The reason for turning a blind eye to these institutions is that they belong to the elite, especially the religious elite and the Revolutionary Guards," the
protesters said earlier. 'If corruption were not widespread in our country, our problems would have been resolved.'
Bijan Khajpur, an Iranian economist living in Vienna, said hundreds of thousands of people had lost their money due to the collapse of financial institutions.
"The Iranian authorities tried to resort to the option of merging banking institutions to try to absorb and reduce losses, but this has exacerbated problems, especially those related to loans."
Several demonstrations took place in Iran in protest against the economic situation that the regime has been subjected to. Dozens of people were arrested during the protests and others were killed, leading to international condemnation.
"I was very angry after the closure of the Caspian Bank so I joined the demonstrators in the streets," said Iranian businessman Mehrdad Asgari.
Economists say the series of failures in Iranian financial institutions is not only the result of risky banking practices, but also the result of rampant administrative corruption in the country.
The Iranian authorities have allowed many institutions, including those incorporated in 2016 to set up a Caspian bank, to gamble in deposits or rely on Ponzi's fraudulent schemes with impunity for years, the New York Times reported.
"The reason for turning a blind eye to these institutions is that they belong to the elite, especially the religious elite and the Revolutionary Guards," the
protesters said earlier. 'If corruption were not widespread in our country, our problems would have been resolved.'
Bijan Khajpur, an Iranian economist living in Vienna, said hundreds of thousands of people had lost their money due to the collapse of financial institutions.
"The Iranian authorities tried to resort to the option of merging banking institutions to try to absorb and reduce losses, but this has exacerbated problems, especially those related to loans."
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