Iran Economy NewsBanking Corruption in Iran

Banking Corruption in Iran

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Iranian President Ebrahim Raisi in a conference on the Ardabil Administrative Council regarding the duty of the banking system said:

“No bank is allowed to shut down any production unit. The production unit should be always operational. If a bank seeks a demand, there is no problem, but why is a production shut down? Why are the workers becoming unemployed? This is not right at all.

None of the production units should be shut down because the banks are pursuing their demands nationwide.” (State-TV, October 22, 2021)

Iran watchers say the Iranian President knows that he is lying, and he has absolutely no control over the banks.

Saeed Leylas, a state-affiliated expert, said: “We handed over the money to the esteemed investors. Immediately they have invested it outside the country in Real estate, gold, dollars. The official expert of the judiciary has committed officially robbery with the help of the bank’s administration. The reason for all these problems of corruption is the banking network.

“Especially private banks. They are the institutional looting mechanism of plundering Iran’s people. They printed banknotes to confront the coronavirus and inject it into the market. This is robbery. I know the banking network as the biggest source of corruption in Iran.” (Etemad Online)

Thus, this state-affiliated expert is showing the main address of the corruption in the country which is the government itself. So, the speeches of Raisi are meaningless.

Adel Peyghami, an economist and professor at Imam Sadegh University, said on State TV Channel 5:

“Where is this rent going? That money is created by banks. And banks are one of the institutions that must be corrected seriously in this surgery.”

“Moderator: ‘In these twenty years, where were those periods when the big rents were won by some groups and became a colony of power?’

“Adel Peyghami: ‘I said that a major part of it is in the field of the banking system and money creation.” (State TV Channel 5, October 29, 2021)

Meanwhile, Hossein Raghfar, another economist, about the corrupt banking system said: “While with this corrupt structure that exists in our banking system and our tax system, that is, we do not tax the rich, we do not tax the wealthy, our banking system equips the resources of the people, puts in the pocket of the car importer, who said that in the current situation of the country, we should import cars?” (State TV Channel 4, October 27, 2021)

Alireza Salimi, an MP, about the consequences of the banking system corruption, said: “It is necessary to reform the monetary and banking system and change the course of banks from entrepreneurship on the one hand and usurious banking operations on the other. Delay in reforming this process will ignite a fire that will turn the hegemony of the government and the nation to ashes.” (Parliament session, October 31, 2021)

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