Banking scandal(s), still in the news; ordinary Iranians endure 21.5% inflation rate

Friday, May 04th, 2012

As the trial of eight defendants in Iran’s largest banking scam comes to an end, the headlines go on. Again there are allegations that the fraud of 2.6 billion dollars had connections with the government, so the semi official Mehr News Agency has as its headline – ‘Main suspect in 2.6. billion fraud case had links with ex-minister’. The suspect is Mah-Afarid Amir-Khosravi, and in court, it was said he met with a former government minister. It was also stated that the government had called Mr Khosrvavie a model job creator. As this case continues, another banking scandal has appeared in the press. The State Inspector for the province of Hormoz, Momen-Abadi, said last week that his agency had discovered that ‘tens of millions’ of euros, dollars, and tomans had been leant by a state bank to a private company without sufficient security.

The overall impact of these banking scandals is to reinforce the impression in people’s minds that crony capitalism that delivers fabulous wealth to insiders is alive and well in Iran. Meanwhile ordinary Iranians are suffering in the supermarket with prices leaping up 21.5% this year. The ever increasing cost of living is the main topic of conversation in most people’s homes, spiked with a growing sense of injustice that while they work long hours and can hardly make ends meet, there is an elite that is making vast fortunes.

In the midst of economic injustice, it is important Christians focus on preaching Christ as the One who brings true peace and wealth to our hearts.

Pray for

• Justice to be done over the banking scandals
• Inflation to come down
• Church to be able to help those who are struggling financially.