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Iranian Depositors Protest 'Theft' of Money at Major Credit Institution

by Michael Lipin

   Iranians angered by lost deposits at one of Iran's major financial
   institutions have staged protests outside the lender's branches in two
   major cities.

   Videos uploaded to YouTube by several Iranian opposition groups Tuesday
   showed protesters rallying outside of one branch of the Caspian Credit
   Institution in the northern city of Rasht.

   Caspian is one of five non-bank credit institutions authorized by
   Iran's central bank. In the video clips, a group of women can be seen
   banging on the entrance of the institution and chanting slogans
   accusing Iranian authorities of stealing their money. Caspian, formerly
   known as the Arman Iranian Credit Institution, has debts that have left
   it unable to repay principle and interest owed to its depositors.

   A Caspian branch in the northeastern city of Mashhad also drew
   protesters. Iran-based rights group Human Rights Activist News Agency
   (HRANA) tweeted a video of what it said was a demonstration outside the
   branch Tuesday. In the clip, women lead a group of several dozen
   protesters, including men, in chanting slogans against President Hassan
   Rouhani, saying: "Rouhani the liar, where is our money?"

   'Iran's Financial Tribune newspaper has reported that unlicensed
   financial institutions have been plagued by huge debts and unmet
   commitments to depositors in recent years. It said the central bank has
   been trying to dismantle, consolidate and register the institutions to
   deal with the problem.

   This report was produced in collaboration with [1]VOA's Persian
   Service.

   Michael covers international news for VOA on the web, radio and TV,
   specializing in the Middle East and East Asia Pacific. Follow him on
   Twitter [2]@Michael_Lipin

References

   1. https://ir.voanews.com/
   2. https://twitter.com/Michael_Lipin