Iran's largest bank has declared bankruptcy. Ayandeh Bank, established in 2012, announced its insolvency after incurring a loss of $5.2 billion. Following the announcement, long lines formed outside the bank's branches in Tehran. Iran's Minister of Economy, Ali Medenizade, reassured the bank's customers that there was no need for concern.
Iran was hit with a major shock when its largest bank declared bankruptcy. Ayandeh Bank, established in 2012, announced its insolvency. The bank, which has 270 branches, made the decision to file for bankruptcy due to serious financial difficulties. It was reported that Ayandeh Bank suffered a loss of 5.2 billion dollars and incurred a debt of 2.9 billion dollars.
Following the bankruptcy, long queues formed in front of the bank's branches in Tehran. Bank customers flocked to the branches to withdraw their money. The formation of long lines prompted the police to take security measures.
The Central Bank of Iran has asserted that the savings of its customers are now under the protection of the state. All assets of the bank have been taken over by the state-owned Melli Bank. Iran's Minister of Economy, Ali Medenizade, made a statement, assuring citizens that there is no need for concern. Medenizade emphasized that the rights of deposit holders will be safeguarded.