Strong Economy Vital for National Might

Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei underscored the necessity of creating a buoyant economy driven by domestic production to help boost the Islamic Republic's clout.

"Making economic progress and solving people's problems are among factors that contribute to building national might," Ayatollah Khamenei was quoted as saying by his official website.

He made the statement during a meeting with people from the central holy city of Qom in Tehran on Sunday.

The Leader called for measures to effectively address economic problems of the country, noting that "sanctions were primarily aimed at creating economic woes and putting pressure on the people to alienate them from the establishment."

International sanctions against the Islamic Republic were lifted under the 2015 nuclear deal with major powers in return for temporary curbs on its nuclear program.

But much to Iran's frustration, foreign investors and bankers have held back from its economy, citing the remaining non-nuclear US restrictions. As a result, few deals have gone through since the historic pact took effect a year ago.

Residual US restrictions prohibit international firms and banks from using the US financial system to process dollar-denominated transactions involving Iranians.

They have learned a lesson from what some of their counterparts went through in the past over a breach of the bans, even though unwittingly, by suffering hefty US fines and this has made them unwilling to approach Iranians for trade.

"Even in removing the sanctions, they act in a way that ensures that the problems persist," the Leader said.

"As I have repeatedly said, the antidote that would help thwart such hostile plots is Resistance Economy."

Resistance Economy is an economic concept outlined by Ayatollah Khamenei to bolster national production and limit the country's dependence on oil revenues.