![\"The](\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/sites\/2\/2018\/05\/The-Suicide-financial-institutions-of-Lorestan.jpg\" "\\"The-Suicide-financial-institutions-of-Lorestan\\"")
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By Staff Writer<\/p>\n
A member of the regime\u2019s parliament has reported the \u201csuicide\u201d of a number of creditors who fell victim to the financial institutions of Lorestan Province (in Iran\u2019s west) and has called for action from the Central Bank. However, many consider the Central Bank itself the root of the problem, as it is the source of approval for such financial institutions in the first place.<\/p>\n
Khoramabad\u2019s representative in Parliament, Mohammad Beyranvandi, has commented on the reported suicides: \u201cthe economic and financial institutions are faced with new problems every day, which sadly, have led to the suicide of several creditors (of \u2018Arman\u2019 and various other institutes in Lorestan) as well as the breakdown of some families. Therefore, we must put a stop to this ongoing disaster\u201d.<\/p>\n
Whilst Beyranvandi addresses the financial institutions and the related \u201csuicides\u201d, the head of the Central Bank makes comments about putting a \u201ccomplete stop\u201d to \u201cillegal\u201d cyber-activities. Interestingly, the so called \u201clegal\u201d activities of the mentioned financial institutions are approved by the very same Central Bank.<\/p>\n
The economic activities of these institutes, which affiliate with the regime\u2019s Revolutionary Guard Corps as well as other government sectors, have led to the bankruptcy of many investors who have lost their savings and assets along the way.<\/p>\n
Thousands of investors have slowly become bankrupt and are now so hopeless that they see no other way but to express themselves through protesting. The lack of repayments from these institutes has negatively impacted millions of lives in Iran. The pressure on people is evident from the widespread protests that were witnessed earlier this year, in January.<\/p>\n
Economic experts blame the Central Bank as the main cause of all this mess, as financial institutions obtain their initial rights from this bank. Economists pertain the problem especially to Central Bank\u2019s insufficient investigation of the financial accounts of such institutes. For instance, the bank paid very little attention to the debts of the founders of Caspian Institute (formerly known as Arman).<\/p>\n
The other problem, which is a major one, has to do with certain \u201cinfluential\u201d people and \u201cstrong\u201d organisations who interfere with the formation of these financial institutions using the \u201csolid support\u201d behind them. On 2nd April, the head of the Central Bank himself, Valiollah Seif, stated that following up on the issues of certain financial institutions, has \u201ccost\u201d him in some ways.<\/p>\n
The financial crisis of these institutes in Iran began in the time of Rouhani\u2019s presidency as well as Seifi\u2019s management of the Central Bank; in other words, in 2013, when the institutes increased their interest on savings, to attract more investors and thereby, reduce their own monthly debts.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Staff Writer A member of the regime’s parliament has reported the “suicide” of a number of creditors who fell victim to the financial institutions of Lorestan Province (in Iran’s […]<\/p>\n","protected":false},"author":10,"featured_media":51206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[178],"class_list":{"0":"post-24764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-save"},"yoast_head":"\n