Think lifting sanctions off Iran would improve its economy? Think again!
Iran’s minister of economic affairs has said it is false to think of economic improvement when sanctions are eliminated.
Ali Tayebnia in the Melli Bank new CEO inauguration ceremony who provided comments on problems faced by Melli Bank under sanctions. “Sanctions targeted the banking system, however, Melli Bank managed to cope with its special situation, as now there is no indication of sanction pressures over the Bank,” said Tayebnia.
“Damage inflicted by the corruption to the Bank could have discredited it, but positive performance saved the Bank,” he added.
Tayebnia also pointed out that with reforms in banking system, “we should work to channel people’s savings in the banks toward projects which provided the most interest to shareholders.”
“If we hope even in long run, that with sanctions off, the economy would improve, we have been building castles in the air. Even if oil incomes enriched the country, still we will face damages inflicted by oil incomes,” he said.
- Saudi SMEs v overseas enterprises. Who is the winner?
- Why does inflation continue to rise in the UAE?
- With Sisi likely to take over, how will Egypt's 'military economy' look like?
- Will future talks between the IMF and Egypt help the country's economy?
- Is Iran's economy already thriving amidst limited sanctions relief? Apparently so!