Crisis in Iranian Banking System: Government imposes serious limits on withdrawals and transfers by investors
Effective immediately, Iranian investors and account holders can no longer transfer or withdraw more than $15000 in funds from their bank accounts. The measure is said to be aimed at curbing money laundering but experts attribute that to the crisis in Iranian banking system and the flight of cash from Iran by investors wary of recent unrest in Iran. Iranian Foreign Exchange Account is suffering a $9 Billion deficit and Iranian banks have reportedly piled up $48 Billion in losses due to non-collectable (bad) debt, mostly owed by government agencies, investment companies managed by Iranian Revolutionary Guards, and individuals often called "well-connected" by the reformist media.
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