# bonyads

Beneath the Rubble: How Iran’s Shadow Economy Keeps a Struggling Regime Afloat

Iran’s public economy has unravelled since December 2025: runaway inflation, a collapsing rial, and mass protests followed a fuel subsidy cut. But a large, opaque shadow economy—dominated by the IRGC, Bonyads and resilient shadow‑banking networks—continues to circulate funds and shield the regime’s core, making rapid collapse unlikely and prolonging chronic national decline.