Senior officials ban import of goods produced at home

November 2, 2019

TEHRAN - In efforts to prop up domestic producers and increase employment opportunities, President Hassan Rouhani, Majlis Speaker Ali Larijani and Judiciary Chief Hojjatoleslam Ebrahim Raeisi decided on Saturday to ban the import of commodities which can be produced inside the country.

The heads of three branches of government made the decision during the 41th session of the Supreme Council of Economic Coordination.

The officials also discussed revising structure of the tax system.

In a session of the council on September 21, Rouhani said that revenues of a planned increase in fuel prices should be given to low-income people and those with fixed income.

“Revenues of increase in fuel price should be given to low-income people to make up for reduction in their purchasing power because of fluctuations in inflation,” he said.

In another session on September 14, it was agreed to give more authority to the central bank to control the foreign currency market.

On August 31, the council approved regulations to implement oil projects.

In a session of the council on August 10, Rouhani said that solving problems must be the main objective of policymaking and decision-making.

Rouhani said his administration is making efforts to resolve the people’s economic problems.

To counter the effects of sanctions, the government is taking compensatory measures.

During a session of the council on July 27, four strategies to compensate for budget deficit were approved.

Transferring government’s assets, using forex reserves, selling Islamic bonds, and withdrawing 450 trillion rials (about $10.714 billion) from the National Development Fund (NDF) were the four strategies approved at that session.

During a session of the council on July 13, the amendments to the national budget plan for the current calendar year (started on March 21) were approved.

The generalities of a modified budget plan, which has been restructured in line with the country’s “resistance economy”, were approved.

The modifications consist of four major parts, which are “sustainable revenue resources”, “effective expenditure”, “promoting stability, development and justice” as well as “fundamental modifications of budgetary system”. 

They are aimed at reducing the country’s dependence on oil money and promoting economic stability under the umbrella term “resistance economy” ordered by Supreme Leader of the Islamic Revolution Ayatollah Ali Khamenei.

NA/PA

Leave a Comment

2 + 10 =