This footage shows angry Iranian citizens staging a demonstration in Tehran after losing their money – in many cases their entire life savings – due to the collapse of some of the country’s credit institutions which declared bankruptcy in recent months.
In this clip, protesters in Tehran chant contemptuous slogans about President Rouhani, calling him the “endless dishonor man”, while hundreds of police vehicles gather in the surrounding area in an effort to intimidate the protesters into abandoning their demonstration.
The Iranian banking system is on the verge of collapse due to the lack of any program of genuine reform in the country according to the US news and analysis website Al Monitor. In a recent report on the issue, the site stated: “The new concern in Iran is banks, where there is a great fear that others will face a fate similar to that of the Iranian financial institutions [which declared insolvency] a few weeks ago.”
The massive losses have hit Iran’s largest financial institutions, such as the Caspian and the Samen al-Aeme, which both suddenly declared bankruptcy in recent weeks, leaving thousands of Iranian citizens penniless, with many having entrusted their life savings to the institutions.
The Iranian parliament is exerting pressure on the country’s Central Bank to bring the financial institutions under its supervision and control after the series of bankruptcies as public anger grows, with protests customers affected by these financial institutions becoming increasingly frequent across the country. The Iranian Security Council has also intervened to prevent the protests from spreading further. According to the Al Monitor report, there are widespread fears of further bankruptcies among financial institutions, which could cause an unprecedented economic crisis in the country. With one of President Rouhani’s main election campaign promises being to improve living conditions and reform the Iranian economy, public anger at his failure to do so, either in his previous term or this one, is increasing.
Iranian banks are suffering from severe liquidity problems for various reasons, including the regime’s heavy borrowing from banks over the past years. According to Iranian analysts, Rouhani will only be able to fulfill his economic promises to his voters after the introduction of real economic reforms, without which the task will become impossible within the next few years.