NCRI - Non-governmental banks and credit unions in Iran have seen their debts to the Central Bank increase in the past 10 months by $5.7 billion.
Numbers published on banks’ debts in the period of January 2017 show the debts of non-government banks and credit unions to Iran’s Central Bank have increased by 173.7% and reached $8.9 billion.
NCRI - Mohammad Ali Pourmokhtar, member of the justice and legal committee of the Iran regime’s Parliament, announced unprecedented bankruptcy rate of Iranian companies and said application for bankruptcy protection in the last two years has increased about 700 percent.
According to the state run Radio and TV’s news agency ‘IRIB’, Mohammad Ali Pourmokhtar on March 7 appeared in an exclusive interview on Channel 2 of IRIB and announced an increase in the rate of insolvencies in the last two years and about the rate of bankruptcy of companies said, "in less than two last years it has increased about 700 percent."
NCRI - On March 8, 2016. At the end of the trading day, in Tehran stock exchange, the Iranian ‘Mellat Bank’ stock fell 45 percent, and the likelihood of bankruptcy of Bank ‘Sarmayeh’ was strengthened. The value of other Iranian banks is also decreasing with a sharp slope.
According to the state-run ‘Entekhab’ website on March 8, at the end of the trading day on Wednesday March 8, 2016, the stock market dropped 514 points and fell to 76285 points. Iranian Copper Industries with 73 points, Shabriz (Tabriz Oil Refinery) with 69 points, Webmellat (Bank Mellat) with 60 points had the most negative effects on falling stock market index.
NCRI - Iran's Deputy Minister of Economy announced the identification of 2000 companies involved in tax violations.
According to Seyyed Kamel Taqavinejad, Iran’s Deputy Minister of Economy, a network of tax violations have been identified in Karaj and East of Tehran Province. Two thousand companies are in this network that are said to have been placed on the black list of the tax. (IRGC Fars News Agency - March 7th)
NCRI - With the Persian year coming to an end, various analysis on Iran’s critical economic situation in different sectors has been offered by economic newspapers and websites.
In a report on the stock market, the state-run Taadol newspaper writes “this wasn’t a good year for many of the shareholders in the stock market. A year which started with optimism and hope, though it doesn’t sound like it’s going to have a good ending. Market liquidity trapped in inactive symbols, longtime absence of bank stocks and their reopening with heavy falls, losses made by big companies, high interest rates, asset freezing, and even political risks joined hands to make the market lose momentum. No doubt, it would be quite irrational and unrealistic to expect all these issues to be resolved soon.”
NCRI - Seyed Razi Nouri in an interview with Tasnim News affiliated with the terrorist Quds Force referred to the environmental crisis in Khuzestan stating that:"the government and environmental authorities know that the basic remedy to the problem of dust pollution in Khuzestan is to avoid unprofessional dam constructions, to stream the water in the dry wetlands and to halt plans to transfer water from the Karun river's tributaries."
NCRI - A senior mullah of the Iranian regime explained the reasons for Iran’s suffering economy. He said that subsidies, banks and smuggling are to blame.
Makarem Shirazi said: “Our economy will not reach anywhere if these problems are not resolved … The subsidies were a failed plan from the beginning. Why tens of millions of people who enjoy a decent life be receiving this money.”
NCRI - The cabinet of former President of Iran, Mahmoud Ahmadinejad, is said to have stolen $17.6 billion from the country’s oil revenues.
The head of the budget commission in the Parliament of Iran said that the interior ministry has also taken around $10.5 billion during the same period.
NCRI - The minimum monthly cost of living for Iranian workers has been set at $700 for next year.
Although the amount has not yet reached the final approval, but state-run media are confessing that the regime is too bankrupt to be able to meet that, warning over more factory closures and layoffs.
The intense protests and pressures by workers finally made some regime’s organizations to admit that the workers’ minimum wage in the current situation should be three times its current amount.