Auto
0

700,000 Jobs Threatened in Iran Auto Industry

Experts believe that even such a huge state aid stimulus may not be enough to save Iran’s auto sector from facing a total crash in the coming months
700,000 Jobs Threatened in Iran Auto Industry700,000 Jobs Threatened in Iran Auto Industry

If the Iranian government does not offer the local auto industries an aid package to the tune of 70 trillion rials ($466 million) soon, over 700,000 workers employed in the key sector will join the dole queue, the secretary of Iran Auto Parts Manufacturers Association claimed.
Maziar Beiglou also told local news website Asre Khodro, “During the closing months of the last fiscal year [that ended on March 20, 2019], the Central Bank of Iran promised to provide parts companies with aid packages to the tune of 110 trillion rials ($733 million), of which only $266 have been paid.”
He claimed that if the remaining 70 trillion rials ($466 million) are not paid in the coming days, the firms will suffer a financial crisis.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com