Central Bank of Iran boss lashes out at loss-making carmakers

Financial Tribune – In a rare weekend attack on the unbelieving poor performance of automakers, governor of the Central Bank of Iran Abdolnasser Hemmati censured what he described as the indolent auto sector that long has taken undeserving state support for granted.

Despite the deep compulsions to work for verifiable efficiency in key economic sectors at a time when the economy is saddled with mounting pressure due to US hostility and sanctions, startling performance of the auto industry has again come under the spotlight.

As a state-affiliated sector, the loss-making auto manufacturing business has been criticized at regular intervals from many quarters for its mismanagement and inherent dysfunctionality.

This time around it was the turn of the country’s top banker to attack the car companies that many auto experts say have become a liability and must be stopped.

Irresponsible auto officials, in response to criticisms, have always resorted to tired clichés and irritating intimidation of closure of factories and laying off large number of employees. Those running the broken car plants have gotten into the habit of permanently begging for funds from the government and support for the regularly rising auto prices.