Iran economic challenges in new year

Financial Tribune – The most biting of these challenges is arguably the escalation of US sanctions and depletion of Iran’s foreign exchange reserves, combined with economic losses resulting from coronavirus outbreak and disruptions caused to businesses that would reduce tax 

Iran’s economy will face eight main challenges in the new Iranian year that started on March 20, according to the Ministry of Economic Affairs and Finance.

As reported by Fars News Agency, the most biting of these challenges is the escalation of US sanctions and depletion of Iran’s foreign exchange reserves, combined with economic losses resulting from coronavirus outbreak and disruptions caused to businesses that would lead to leaner tax revenues.

The Iranian New Year holidays ended on April 3, but many businesses remain shut as virus infections are on the rise. The outbreak is overshadowing almost all aspects of Iran’s economy, from production to trade.

Low-risk businesses are scheduled to resume activities starting April 11 in all provinces, except Tehran that can follow suit on April 18, President.ir reported on Sunday.

High-risk workplaces, including swimming pools, sports centers or any place of gathering, will remain closed until further notice.