By Mehdi

Five banks and financial institutions affiliated with the Iranian military, some suffering with accrued losses, are to be merged into Bank Sepah, Iran’s Central Bank announced on Saturday.

Iranian banks have been suffering from financial crises for years, mainly due to lack of proper banking supervision over loans given to government insiders that have never been paid back, something that has caused many credit institutions to go bankrupt and left millions of people without savings.

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By Pooya Stone

Iran is in a very difficult position because of the pressure stemming from U.S. sanctions. The U.S. State Department has said that waivers on imports of Iranian oil will not be extended and maintains that its aim is still to reduce Iran’s oil exports to zero.

This is starting to have a real effect now on the Iranian economy and Iran is finding it difficult to persuade countries to cooperate. The EU had promised to take steps that guarantee trade with Iran and it has started to set up INSTEX – a mechanism that will, if it works, circumvent U.S. sanctions. However, it is not certain that the mechanism will work and the United States has warned the EU that it will be keeping a close eye on developments.

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Iran Focus

London, 31 Jan - Iranian president Hassan Rouhani has blamed the current economic crisis besieging the Gulf state on the US, citing American sanctions and pressure on other countries to abide by these sanctions, complaining that these are the worst in 40 years.

Rouhani said: “Today our problems are primarily because of pressure from America and its followers. And the dutiful government and Islamic system should not be blamed,”

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Iran Focus

London, 30 Jan - German Foreign Minister Heiko Maas said the European Union was launching a special purpose vehicle (SPV) in order to continue trading with Iran, despite US sanctions.

He said: “As far as the special purpose vehicle is concerned: it will be registered, it has not yet been registered, but I would say that the implementation of our plan is imminent."

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#IranFloods-April 4, Poledokhtar,Lorestan province W #Iran

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