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Iranian economy needs major reforms: Official

Source: Tehran Times

Major economic reforms should be carried out in four sectors of the Iranian economy, the Iranian president's economic advisor has said. Masoud Nili added that the foreign currency market, the cash subsidy payment, the privatization process, and the banking system should be reformed, IRNA reported on Tuesday.

Masoud Nili

Once the four sectors of the economy are reformed, economic activities will go on normally, and then the goal of economic improvement will be realized, he explained.

Iranian President Hassan Rohani has promised reforms that would help in boosting production as part of efforts to kick-start the country's sanction-hit economy, according to an article published by the Financial Times.

Since he took office last month, Rohani has made improving the country's economy a priority. He has gathered a group of experienced technocrats, many of whom were sidelined by the previous government, to help.

In April, the IMF forecast that Iran's gross domestic product would shrink 1.3 percent this year after contracting 1.9 last year. But the Fund forecast the Iranian economy would likely resume expanding in 2014 at a pace of 1.1 percent.

Iranian Finance and Economic Affairs Minister, Ali Tayyebnia, has said that Low economic growth rate is currently the main challenge in the national economy.

The ministry will focus on improving the living standards through curbing inflation and flourishing businesses, he stated.

... Payvand News - 10/03/13 ... --

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