Jun 26, 2016, 10:56 AM

Pres. Rouhani:

Government looks for single digit currency rate

Government looks for single digit currency rate

TEHRAN, Jun. 26 (MNA) – President Rouhani asserting that the budget reform bill is to be submitted to the Parliament, said the strength and dignity of Iran is possible through national production growth and youth employment.

Addressing a gathering of Iranian businessmen and entrepreneurs in a fast breaking ceremony on Saturday, Rouhani called for all economic actors, entrepreneurs, traders and banks to join hands with the government and strive to increase national production and job creation.

The president stressed that the government is determined to create jobs, adding unemployment is the beginning of all problems in a society and the government has done its best to increase employment in the country.

Pointing to the historical role of trade unions and entrepreneurs in establishing political, social, cultural and economic movements, Rouhani stated, “markets, trade unions and entrepreneurs have always been a foundation and axis of the Revolution; their role is particularly evident during June 5 Uprising, an event which led to the victory of the Islamic Revolution some 15 years later." He insisted the institutions can affect the economic sphere today as well.

Rouhani emphasized the need to increase non-oil exports and achieve the target markets, particularly in the region, saying the entrepreneurs and the private sector can be the engine to drive the country's non-oil exports.

“It is necessary to allocate a portion of domestic production for export and try to find permanent target markets,” he added.

"We still need more efforts to improve the business climate inside the country because it helps attract investment, increase domestic production and create employment for young people with capital and financial resources," he said.

President Rouhani also pointed to the key role banks play in increasing domestic production and job creation. “If the banks move towards the balance of loan interest rates, part of the problem is solved in the two fields,” Rouhani stressed.

Rouhani also addressed the declining inflation rate from over 40 percent in September 2013 to less than 10 percent in the last month. He added investors are not worried now, with a single digit inflation rate; "the government should try to move towards the single currency rate too."

Pointing to one of the government's key decisions to reform the budget bill, President Rouhani said “the government will soon submit a bill to the Parliament which includes two amendments to strengthen and reform banking affairs and payment of government’s debt to the banks and contractors; if the Parliament approves the bill, the government can take important steps in the field of economy in line with the move to reach single currency rate.

LR/3695291

News ID 117637

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