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Iranians pay for bread in installments in southern Iran

Bakeries in Iran are selling bread in installments to impoverished Iranians, according to a report by a state-run website. According to the report by Tejarat News website bakers were keeping books to record loans handed out to their customers for bread.
Bread in installments in southern provinces
A baker in Qasr-e-Qand, in the southeastern province of Sistan and Baluchestan told the website he had also had a hard time making ends meet and could not continue to “loan” bread to his customers. Bakeries in Sistan and Baluchestan’s Zabol, Rudan in the southern province of Hormozgan, and Dashti in the southern province of Bushehr are also selling bread in installments. Some bakers confiscate the customer’s national ID card until the debt is paid, others just write the names of the customers and the loaned amount.
A baker keeps record of the bread loans.
Subsidies are their only source of income
Rahim Parmouteh, another baker in Sistan and Baluchestan said there are many families here who rely on subsidies as their only source of income. These 8-9 member families get only a total of 45,500 tomans (less than $2) as subsidies per month.
The baker said the families wait the whole month to pay their bread loans with their meager subsidies. “Why doesn’t the government create jobs, so families don’t have to wait for the inadequate subsidies?”
Sistan and Baluchestan province has been drought-stricken for years. The soil has become salty, and unsuitable for farming. Fishermen are only allowed to fish from the shore using small fishing nets, however large fishing trawlers have not left any fish for local fishermen.
Many locals used to work at the ports but due to the coronavirus pandemic, the ports have been emptied for months.
Absolute poverty
Sixty million Iranians live under the line of poverty due to the regime’s systematic lack of supervision over the economy, an Iranian economist said. Speaking to Tabnak, a website affiliated with the regime, Ibrahim Razaghi said “the most important threat to Iran was extreme poverty, widespread unemployment, the inability of many people to pay their rent, and that the rich were getting richer.”
According to state-run media, more than 19 million Iranians live in 3,000 slums and make up the 35% of Iran’s urban population.
Based on official figures published in October, half of Iran’s population live in absolute poverty. The report published by the Statistical Center of Iran also said Iranians were not able to buy basic groceries. Average Iranians eat 52% less red meat, while those with lower incomes eat 65% less red meat compared to last year, the report said. Iranians are also eating 34% less rice, the country’s staple food.
The current poverty line in Iran is 10 million tomans (around $385), while the absolute poverty line is 6.8 million tomans (around $262), which puts 50% of the Iranian population under the line of “absolute poverty”.
Protests are inevitable
A state economic analyst in Iran stated that more protests were imminent if fundamental economic change was not made. Hossein Raghfar said in an interview with the state-run news Sharq Daily, said medicine imported into Iran to treat the ill was being sold in shops for more than ten times the price. “This disturbs the people’s mental, psychological, physical and economic security,”
New official figures show that Iranian families are spending 46% more on the same products and services compared to last year. According to the state-run Borna News Agency, a report published by the Statistical Center of Iran on November 21 shows the country’s year on year inflation has reached 4.46%. This means urban families spent 45% more while rural families spent 50% more on products and services compared to last year.
Raghfar implied that the Organization in Support of Consumers was corrupt.
“What we see today is an organization called the Organization in Support of Consumers, but it is a governmental body that only safeguards the interests of the importers, not that of the people,”
“If we do not answer to the demands of the day, of the society and the people, we should expect tougher, costlier consequences and a more ambiguous future… This knowledge may have been acquired in the country’s decision-making circles, but widespread corruption is the main obstacle to reform,” he added.
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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