Iran’s credit risk rating index improves in intl. level

TEHRAN, Feb. 20 (MNA) – Vice Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Hossein Salahvarzi revealed the improvement of Iran’s credit risk rating index and said, “under such circumstances, almost up to 10 percent of total financial spending in the financing process will be declined considerably.”

He pointed to the Iran’s promotion of credit risk rating in global level and said, “giant steps have been taken for improving Iran’s credit risk rating in the international ranking that can reduce spending in the field of opening Letters of Credit (L/Cs) or foreign financial resources.”

Given the above issue, promotion of credit risk rating is of paramount importance for the country especially in the field of attraction of Foreign Direct Investment (FDI), he maintained.

Turning to the current rate of foreign exchange at the capital market, he said, “unpredictability of currency rate can incur severe damage to the country in the field of using foreign financial resources.”

He called on responsible officials in the Foreign Exchange Market to adopt the best possible solution for the unification of currency and emphasized, “monetization of currency can bring about negative consequences for the economy of country significantly, the issue of which can create a situation of uncertainty for economic activists and industrialists as well.”

To conclude his remarks, Vice Chairman of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Hossein Salahvarzi said, although many believe that appreciation of foreign exchange does not have a significant relationship with the promotion of nonoil exports, it should be kept in mind that actualization of price of currency can improve business environment and also promote nonoil exports. In this situation, domestic productions can be controlled meticulously.”

MA/4232607

News Code 132300

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