Business And Markets

TCCIMA Again Demands End to Forex Subsidy

Khansari asked the government to also reform the energy subsidy system by giving subsidies in cash directly to the people
TCCIMA Again Demands End to Forex SubsidyTCCIMA Again Demands End to Forex Subsidy

Further to its persistent calls for transparency and doing away with the controversial subsidy schemes, Tehran Chamber of Commerce, Industries, Mines and Agricultures called on the government to unify the multiple currency rates, which it said has created a hotbed for corruption and rent-seeking. 
At the last meeting of the TCCIMA board of representatives during the outgoing fiscal (ends March 20) on Tuesday, its president Masoud Khansari said multiple exchange rates are like oxygen for corruption. He once again appealed to the government to unify the exchange rates "as quickly as possible." 
Last year the government had said it is cognizant of the warnings by economists and businesses to get rid of subsidized forex. It pegged the USD  rate at 42,000 rials on the promise that it can meet all currency needs at that rate. 


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