Economic Upturn to Continue in Coming Year

Economic Upturn to  Continue in Coming YearEconomic Upturn to  Continue in Coming Year

President Hassan Rouhani vowed that in the next Iranian year (starting March 20), Iran will maintain its economic recovery that has gathered pace since the country was freed from the shackles of economic sanctions in January when the nuclear deal took effect.

“God willing, in the coming year, we will sustain the falling trend of inflation, as well as the economic growth and calm in the market. We also expect a boost in oil and non-oil revenues,” Hassan Rouhani was quoted as saying by IRNA after a Cabinet meeting on Wednesday.

“Iran’s sales of oil and condensates will hit 2 million barrels per day within days,” he added.

The nuclear accord, reached with P5+1 (the five permanent members of the UN Security Council plus Germany) in July 2015, was aimed at settling a 12-year dispute over Tehran’s nuclear program.

With sanctions no longer in place, there has been an influx of business delegations competing to establish a position in Iran and tap its lucrative market.

“Ahead of us is a spring when our banks and insurers are no longer under sanctions and we will be able to trade with various countries,” Rouhani said.

He pointed to the inflow of foreign funds and important contracts signed with major countries so far, saying that thanks to the nuclear accord, “the Central Bank of Iran has been reconnected to foreign counterparts and Swiss banks,” he said.

Iran’s banking sector has recently restored links with the global money transfer network SWIFT, which had been cut off from over years of sanctions and thus lacked access to interstate banking transaction services.

“Iran has constructive interaction with the world and we are committed to continue this interaction,” the president said.