The unauthorized financial and credit institutions hold 20 percent of the money supply, according to news website BINA. Statistics released by the International Monetary Fund suggest that there are over 7,000 financial and credit institutions and funds operating in Iran, out of which six have significant annual turnover. The central bank has several times threatened to dissolve those funds violating the rules, but the warnings have never be translated into action, as the institutions hold a major part of people’s savings and it is not easy to dissolve them, the report noted. The parliamentarians have recently approved to extend the central bank’s authority to help address the issue. If confirmed by the Guardian Council, the new approval would allow the regulator to supervise the activities of not only the banks but also institutions funds, including those failing to have an operation license.
