Iran shuts down 278 rural credit cooperatives
Tehran, Iran, Jan.16
Iran has closed down 278 rural credit cooperatives to prevent financial abuse and counterfeiting in these structures.
"There have been 950 credit units in the rural areas and villages from the start of current Iranian year (March 21,2018). that 672 units were active and 278 credit institutes were semi active or inactive," said the head of Central Organization for Rural Cooperatives of Iran Hossein Shirzad, Trend reports citing Mehr News Agency.
Shirzad added that by October, the number of cooperatives shrinked by 37 percent, to 426 cooperatives.
"All the 278 inactive cooperatives that recently were involved in financial abuses in Tehran, Ilam and Alborz provinces have been completely shut down by the Central Organization for Rural Cooperatives of Iran," he added.
According to the official, currently Razavi Khorasan Province with 99 rural credit cooperatives, Tehran Province with 65 units and Fars Province with 49 units have the highest number of financial institutions and credit cooperatives."
"Tehran Province owns 51 percent of total volume of deposits in the country, Razavi Khorasan Province with 13 percent and Fars Province with 9 percent," he said.
Referring to the number of depositors, he said that Tehran Province has the highest rate of depositors with 24 percent, Razavi Khorasan province with 19 percent and East Azerbaijan Province with 13 percent are the other gross ranking provinces with high number of depositors.
Shirzad added that the number of depositors in the past six months has declined by 39 percent, from 1.225 million to 750,351 people.