Businesses decry self-imposed sanctions

Financial Tribune – The Majlis Research Center, the research arm of the parliament, has published the results of three meetings with representatives from the private sector and business owners in the country. The report covers major hurdles from the perspective of businesses.

Apart from the detrimental effects of US sanctions on key sectors of the economy, the business reps said they also are saddled with “self-imposed sanctions, tactlessness and mismanagement” which if appropriately addressed could curb the impact of the US restrictions.

They specifically complained about the piling up bylaws and regulations – which at times overlap and contradict each other – the bureaucracy-plagued registration process for importing goods, the cumbersome customs clearance rules, flaws with currency repatriation mechanisms, extended delays in launching the promised international monetary channels and restrictions on money exchange bureaus.