Stability to return to capital market: minister

Iranian Finance and Economic Affairs Minister, Ali Tayyebnia

Iranian Finance and Economic Affairs Minister, Ali Tayyebnia

TEHRAN, March 19 (MNA) – Iran’s Minister of Economic Affairs has said government will reap in the upcoming year what it cultivated recently.

 On Wednesday, Ali Tayyebnia paid a visit to ministry’s deputy for Supervision of Financial and Treasury along with an entourage of deputies and ministry officials and partner organizations, to attend the personnel daily duties and their possible problems.

Tayyebnia addressed the deputy staff where he praised the deputy’s ‘desirable performance’ in handling the country’s total budget of the current financial year (ending March 21 2015).

He believed that handling of annual national budget was more important than preparing financial drafts of the government incomes and expenses. Tayyebnia pointed to curbing the ‘intractable beast of inflation’ down to 16 per cent from its high 40 percent, restoring the stability in currency market, and improved economic growth and employment as the government’s achievements in the current year which approaches to its end.

On attaining the objectives set in economy, Tayyebnia highlighted restoring stability to capital market which he attributed to ‘special factors at work,’ hoping that in the upcoming year, “the government hits conditions conducive to yet more stability in the capital market.”

“Despite plummeting oil prices, curbing inflation and positive economic growth, the government attained modest achievements where executive bodies and the public had their own quota of duties as well,” he told the meeting.

“In the financial year ending in March 21 2015, government experienced a decline of $ 5.8bn in its oil income; the Treasury however managed to make all its payments for salaries and other compensations to its employees,” the minister added.

On current construction budget, Tayyebnia said that it had been almost doubled in the current year compared to that in the year before, which was allocated in cash; “taking into account the Treasury notes and bonds and barters, the total payments made by government in construction sector totaled $ 8.8bn,” he said.

“We predict a better situation in economy for the upcoming year, and predict to reap what we cultivated in the current financial year,” Tayyebnia noted.

By Mehr News Agency