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(Radio Farda) $800 million has been set aside in the next Iranian budget to deal with the mess created by unlicensed credit institutions. If these institutions go under, angry people who would lose their savings might trigger protests and unrest in the country. In the past 12 years, a multitude of credit unions and savings and loan institutions were set up without a license from the Central Bank of Iran. This means no one checked their financial viability. Local media have reported about the role of imams, judges (also clerics), government officials and the children of these influential people in the quasi-banking business.2019-01-09 00:00:00Full Article
Illegal Banks in Iran Swindled Hundreds of Millions of Dollars
(Radio Farda) $800 million has been set aside in the next Iranian budget to deal with the mess created by unlicensed credit institutions. If these institutions go under, angry people who would lose their savings might trigger protests and unrest in the country. In the past 12 years, a multitude of credit unions and savings and loan institutions were set up without a license from the Central Bank of Iran. This means no one checked their financial viability. Local media have reported about the role of imams, judges (also clerics), government officials and the children of these influential people in the quasi-banking business.2019-01-09 00:00:00Full Article
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