Iranian Officials Use Stock Market to Misuse the People’s Money

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Staff Writer
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(NCRI) and (PMOI / MEK Iran): The Iranian regime is behind all of the economic troubles, yet it cannot admit to it.

Iranians have got angrier and angrier with the fall in Iran’s stock index due to the government’s economic mismanagement, a phenomenon that seems to be ongoing. The National Council of Resistance of Iran (NCRI) and The  People’s Mojahedin Organization of Iran (PMOI / MEK Iran) reported that the stock market has experienced a drop of more than 80,000 units.

Financial failure

Stockholders’ are angry due to this financial failure. The Siasat-e Rouz daily reacted by describing it as “burning the people’s money.”

Several stockholders who have lost assets held a gathering in front of Tehran’s Bourse building. They spoke out with the following words:

  • “You have stolen our money and are boasting with it,”
  • “Death to [President Hassan] Rouhani,”
  • “Death to the economic criminal.”

Stockholders’ protests

After the stockholders’ protests, the Tehran Stock Market Chief Hassan Ghalibaf has now resigned.

The Majlis Speaker Mohammad Bagher Ghalibaf has shown concern over more protests and the loss of “social capital.”

“The 2021-22 budget bill takes away parts of incomes, facilities, and the country’s resources from the people’s food basket. It also contributes to financial disorder within the country.

The Stock Market has been in a sharp freefall and even the Refinery Fund advertised by the Rouhani administration has imposed a 44% disadvantage to its customers.’’

Ghalibaf said “We do not accept such a state in the Stock Market, and the administration must seriously be held accountable in this context.

Blow to the people’s trust

It is impossible to use official tribunes to incite the people to invest their capitals in the bourse. Then the administration harms ‘public trust’ and devaluates people’s assets with its mismanagement,”.

He also said, “The Majlis cannot ignore such expanded disadvantages and cons of people in the bourse… The administration must revive ‘social capital’ and the people’s trust in the stock market as soon as possible.”

Following his comments, an MP from Tehran, Delkhosh Abatari, showed how concerned he was over public anger by saying the following words, “My first note is about the bourse’s condition.

Currently, a riot has taken place inside the country. Those people who had trusted in the Bourse Organization have fallen into challenges and dilemmas.”

Stock market bubble

Deputy Speaker Ali Nikzad stated that “the Majlis Economic Commission has summoned Economy Minister and the Stock Market chief at 12:30 pm. They are supposed to explain the bourse’s conditions. However, our dear people must know that those who had invited citizens to the bourse must be held accountable.”

On August 26, 2020, the Aftab Yazd daily stated that the money of those who had invested in the stock market was now ‘evaporating.’

“The stock fell so deep that it even said goodbye to the index of 1.7 million, reaching 1.662, a subject that has instilled fear and panic in the hearts of shareholders – mostly newcomers – and many are trying to leave the market.’’

The media outlet also said that “The stock market also experienced a relatively significant decline today.

All the promises and actions of the government to return the market to a normal situation have not borne fruit, about 15 trillion rials [$65 million] have vanished. Now the situation that has arisen needs to be investigated and necessary action needs to be taken.”

(NCRI) and (PMOI / MEK Iran): protest the regime’s economic mismanagement in the first week of January

MEK Iran (follow them on Twitter and Facebook)

and People’s Mojahedin Organization of Iran – MEK IRAN – YouTube

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