‘Leaked’ memo warns Iran could lose control over banking system

Posted by on Jun 13th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

A memo of Iran's Supreme National Security Council marked as “secret”, was obtained and distributed by the Iranian opposition movement “Green Wave”. The memo said Iran’s financial institutions are on the verge of bankruptcy and the country could lose control over the banking system. Moreover, it stated the collapse of the banking system will lead to a steep rise in unemployment and inflation. The letter, addressed to the Central Bank of Iran (CBI), provided a bullet-point description of the economic crisis. It called for significant restrictions on the public's withdrawal of deposits from Banks. It also urged additional restrictions on taking foreign currency out of the country. The council also issued operational measures to combat the country's economic crisis. These measures include the deployment of security forces around banks, money-changing agencies, and ATM's and the drafting of an emergency plan to combat any potential storming of the banks by the public.

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