Iran’s Economic Situation Worsening
NCRI Staff
NCRI - The Institute of International Finance, the IIF, has said that the unstable public finances of Iran are resulting in the deterioration of asset quality in banks. It also indicated that it is causing capital erosion. Garbis Iradian, the IIF’s Chief Economist for the Middle East and Africa region, said: “Continued public payment arrears, connected lending, and poor management of the banking system have weakened the balance sheets of Iran’s banks, underscoring the need for large capital injections, management restructuring, and governance improvements.”