Iran preparing for post-sanctions period

The Iranian government has started planning for the post-sanctions period to put the economy back on its feet, Central Bank Governor Valiollah Seif has said. 

The government is mapping out strategies to channel funds and accelerate development of key sectors, including oil and gas, tourism and IT, the Financial Times quoted him as saying in an interview.

Seif said the government was carrying “a lot of feasibility studies”, touting Iran’s investment attractions.

The governor, however, cautioned against expecting an immediate impact on Iran’s economy, estimating that the removal of sanctions will not be felt before the Iranian year ends next March, the FT reported.

Seif also said European and Arab investors were interested in Iran’s banking sector.

“They are asking whether they can get licenses to establish new banks, buy stakes in existing private banks, and whether they can open up branches,” he said.

Seif has already said the government had prepared the economy for the worst scenario in order to sustain its growth no matter what happens in the nuclear negotiations.

“Regardless of what the outcome of the negotiations will be, we have planned our economy in such a way that its gradual improvement will continue,” he has said.

A view of the Central Bank of Iran in northern Tehran.

Under President Hassan Rouhani, the government has brought the inflation rate down to 15% from 40% at the beginning of his term by applying “appropriate monetary policies and fiscal discipline”.

Seif has now told the FT that the country was out of recession, with real economic growth likely to reach 3 percent this Iranian economic year.

The government’s policy to bring about sustained economic growth and bring down the inflation to a single-digit rate will be strongly pursued, the paper quoted him as saying.

Iran’s economy turned a corner in 2013 and started to experience a modest growth after two years of recession and runaway inflation.

By Press TV