MEK: Another Stock Market Decline Triggers Protests in Iran
The National Council of Resistance of Iran (NCRI), and the People’s Mujahedin of Iran (PMOI / MEK Iran) reported that ordinary Iranians have lost their assets again as the Iranian stock market continues to decline.
Stock market decline again
President Hassan Rouhani and Supreme Leader Ali Khamenei both urged Iranians to invest whatever they had in spare cash in the stock market, but with another 22,000 point decline, the market is now standing at half what it was last August.
The decline in the stock market hasn’t had such a negative effect on wealthy investors who have managed to make profits by manipulating the market with the help of regime officials.
Regime corruption and manipulation
Not surprisingly, small investors, ordinary Iranians, are outraged. Many of them have joined protests against regime corruption and manipulation of the stock market causing them to lose so much of their hard-earned wealth.
Chants heard included:
- “Death to Rouhani,”
- “Death to this deceptive government.
Protesters called for the government to hand their lost investments back.
Corruption at a high level is not restricted to the stock market. The carmaker, Azarbaijan Sanat Khodro (Azvico), a state-owned enterprise, is facing a court hearing related to the alleged theft of millions of dollars from customers who had paid for MG360 cars in advance but failed to materialize. 5,000 people have lost the money they paid to Azvico and have been protesting in front of the court building.
The company has allegedly told customers that they cannot cancel their orders and blamed the missing cars on a shortage of parts. The claims do not appear to have any basis in reality as the company had access to 20 million dollars two years ago and had already manufactured 3,500 cars.
The protesters are adamant that the company returns their cash, but the regime is backing the company and refuses to help customers get their prepayments back.
Other protests taking place around the country include the following:
- Kerman province: more than 70 workers at the Baft Petrochemical Company say they have been forced to sign agreements that violate their rights. They have been demonstrating against the company because of discrimination policies, lack of access to incentive packages, and job security.
- Tehran: Kaveh Glass Industrial Group workers have been demonstrating against unfair dismissal and unpaid wages and retirement payments.
The representative of the Supreme Labor Council, Mohammad Reza Tajik, has acknowledged that many workers in Iran are suffering from much poorer conditions than a few years ago.
Workers in Iran are suffering more than before
This is what he said: “The salary gap that has been caused in the past years is so immense that even if workers’ wages are increased by 100 percent, it won’t be filled.
The distance between the workers’ wages and their expenses is very large. Even if the average 27-million-rial monthly salary of workers is doubled, it won’t be enough to cover the expenses of workers.
These days, having a 40-50-meter apartment has become a dream for workers. With the wages they receive, they can only live in tents… The livelihood basket of workers costs around 100 million rials, how can they live with a monthly salary that is shy of 30 million rials?”