New Task for Ministry of Economy
Economy, Business And Markets

New Task for Ministry of Economy

The new proclamation by the government has tasked the ministry of economic affairs and finance with fully implementing the policies to get the country out of stagnation without increasing inflation, reported SENA.
Based on the decision, the ministry is responsible to formulate administrative strategies aimed at settling government debts, as well as improve business environments and finance projects through capital market.
The proclamation which was issued by Es’haq Jahangiri, the first vice president, certifies that banks and financial institutes can use bonds backed by mortgage and non-mortgage loans. It also boosts the bonds secondary market through option contracts.
If implemented, the new plan would help the government bonds use inflation-protected floating interest rates. It also makes the banks sell their properties at mercantile exchange markets.
The parliament earlier approved a one-starred bill on eliminating the barriers to competitive production and enhancing the country’s financial system, known as the bill on countering inflationary stagnation.  
In August, Ali Tayyeb Nia, the minister of economic affairs and finance, went to parliament to put the bill before the House.
Iran has experienced high inflation in recent years, owing both to the government’s economic policy – including the execution of the second phase of the subsidy reform plan, cash handouts and expansionary funding of housing projects – and the impact of western sanctions, which intensified in 2010 following a dispute over Tehran’s nuclear energy program.
Prices skyrocketed in 2013 as both the official and the unofficial foreign exchange rates weakened sharply and trade restrictions prompted shortages.

Short URL : http://goo.gl/YAUXLU

You can also read ...

The central bank officials of Iran and Oman convened in Tehran on March 17.
A host of high-level officials of the Central Bank of Iran on...
No Telegram  Crypto for Iranians
Telegram has announced that Iranian citizens will not be...
Volkswagen Assigns $25b in Battery Orders
Volkswagen has picked partners to provide battery cells and...
Foreign Exchange Deposit Regulations Updated
The latest update of regulations concerning foreign currency...
Tehran fell by two places in this year’s ranking to 121st most expensive city in the world, narrowly avoiding the bottom 10.
Tehran is among the least expensive cities in the world to...
Toyota Land Cruiser for Iranian Police Fleet
To renovate police cars in Iran ahead of Norouz (Iranian New...
Steel production stood at 38.12 million tons, registering a 14% rise YOY.
Iranian steelmakers exported 7.41 million tons of their...
Iranian Banking Sector Awaits Full JCPOA Benefits
Iran’s Deputy Foreign Minister Abbas Araqchi addressed various...