The recent Central Bank of Iran’s growth report is only related to the state-run companies and has nothing to do with private enterprises, said Yahya Al-e Es’haq, head of Tehran’s Chamber of Commerce, Industries, Mines and Agriculture, on Tuesday. The CBI reported 4 percent growth of GDP in the first half of the fiscal year. The majority of industrial units surveyed in the CBI’s report are state-controlled, the official said, “and the private sector has been overlooked.” He was speaking at the 49th meeting of the chamber’s representatives. Al-e Es’haq also criticized the financial status of small and medium enterprises (SMEs), calling for cooperation of the banking system. “Low capital adequacy ratio, the large number of overdue loans, disparity between interest rates and inflation, and credit crunch are among the current difficulties the SMEs are faced with,” he said.
