Hossein Raghfar, a pro-regime economist, reacted to the recent crisis involving Iran’s Ayandeh Bank, saying that with its tens of trillions of tomans of debt to the Central Bank, at least 120 specialized hospitals could be built in Iran.
On Saturday, October 25, Raghfar said in an interview that Ayandeh Bank has losses of 4.5 quadrillion rials (approximately 4 billion dollars) and owes 3 quadrillion rials (approximately 2.7 billion dollars) to the Central Bank.
According to him, the bank also loaned 1.3 quadrillion rials (approximately 1.13 billion dollars) to 61 individuals without collateral and has not recovered the money.
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The economist added that this amount of debt is 25 times the cost of constructing the Persian Gulf refinery and could be used to build 120 specialized hospitals or a railway network connecting Tehran, Mashhad, Shiraz, Isfahan, and Tabriz.
On October 23, Mohammad Reza Farzin, the governor of the Central Bank of Iran’s regime, announced the dissolution of Ayandeh Bank and its merger into Bank Melli (the National Bank of Iran).
In a statement, the Central Bank also said that due to accumulated losses of 5.5 quadrillion rials (approximately 4.78 billion dollars), overdrafts of 3.13 quadrillion rials (approximately 2.7 billion dollars), a negative capital adequacy ratio of 600%, severe liquidity imbalance, and the non-repayment of 80% of granted loans, it was necessary for Ayandeh Bank to enter the “resolution process.”
Ali Ansari, the founder of Ayandeh Bank and owner of the Iran Mall (one of the largest shopping centers in the Middle East), reacted to the bank’s dissolution without mentioning its massive debts, calling Ayandeh’s activities a symbol of “effort and intelligence” and saying his “conscience is clear.”
Raghfar continued, describing Ayandeh Bank as one of the symbols of structural corruption in Iran’s banking system. He said that while such enormous resources have been destroyed, the bank’s CEO mocks public opinion and speaks of rationality in economic management.
Criticizing oversight institutions, Raghfar added: “The question is, where was the government during all this time, and why did it delay the dissolution of Ayandeh Bank? The excuse of lacking proper laws for this delay is irrelevant and unrealistic.”
The economist referred to the backing of unbalanced banks as “power institutions” and emphasized that as long as major bank debtors are not identified and the judiciary and parliament fail to act against them, the banking crisis will persist.
In recent days, many social media users, referring to Ali Ansari’s close relationship with Mojtaba Khamenei (the son of regime supreme leader Ali Khamenei), described the structure of Iran’s regime as the main driver of widespread financial corruption.
Financial reports of Ayandeh Bank show that by mid-June, about 98% of its major loans—amounting to 1.2 quadrillion tomans (approximately 1.043 billion dollars)—were classified as non-performing, effectively meaning that the bank’s repayment cycle had collapsed.
Raghfar also commented on Bank Sepah, saying that “before merging with the five military and security banks, it was not unbalanced,” but the merger introduced “corrupted assets and massive debts” into its balance sheet.
The economist warned: “With Ayandeh Bank’s massive debt, the country’s economy has become extremely fragile, and in the future, Bank Melli may also join the list of unbalanced banks.”
Mohammad Bagher Ghalibaf, the speaker of Iran’s regime parliament (Majlis), on October 25, called the decision to dissolve Ayandeh Bank “a serious starting point for reforming the banking system and thereby reducing the country’s inflation,” adding that similar actions should be taken against other loss-making banks and financial institutions.
He urged the Central Bank to offset Ayandeh Bank’s accumulated losses through “the assets of its main shareholder.”
Fatemeh Mohajerani, the government’s spokesperson, also cited “banks’ imbalance and excessive withdrawals” as one of the causes of inflation, assuring the public that depositors “should not worry” because their accounts will be transferred to Bank Melli.
Ayandeh Bank was established in 2012 following the merger of Tat Bank, Salehin Credit Institution, and Ati Credit Institution.
According to unofficial estimates, the bank currently employs around 4,000 staff members and provides services to nearly three million customers through 270 branches across Iran.
