Iran’s economy indeed has some unique features, and one of them is the presence of large religious foundations called bonyads. These bonyads play a significant role in Iran’s economic landscape. Here are some key points:
Bonyads: These charitable trusts control an estimated 20% of Iran’s GDP and are second only to the oil industry in terms of manufacturing, trading, and real estate development within Iran1.
Budget Influence: The combined budgets of these bonyads represent more than 30% of central government spending2. They wield considerable financial power and influence.
Transparency: Unlike many other sectors of Iran’s economy, the stock market provides a relatively transparent view. The Iran Privatization Organization has divested a significant portion of state-owned assets through the stock exchange. While evaluating the influence of important players like the Revolutionary Guards or the Supreme Leader within the stock exchange provides a conservative estimate, it still sheds light on Iran’s economic dynamics3.
In summary, while the public sector, state-controlled religious foundations, and the powerful Revolutionary Guard Corps are often named as key players in Iran’s economy, the reality is more nuanced. The quasi-governmental sector, including bonyads, also plays a crucial role in shaping Iran’s economic landscape3.