IMF Proposes National Economic Council Establishment in Iran

The IMF along with the World Bank has profiled a report that provides Iran with a number of versatile clues including the separation of monetary policies from financial ones. According to the report, the council would consist of the Minister of Economy and Finance, Head of Planning and Management Organization, and the ICB – Iran’s Central Bank - Chief. The group will be in charge of coordinating the country’s macroeconomic policies.

In order to compile the profile, a group of experts from IMF and the World Bank have examined the process of managing monetary policies, exchange rate, insurance, and stock markets in Iran. Then, they culled their findings in six chapters, four of which assigned for ICB’s long-term strategies. The last two chapters concern Iran’s investment and insurance market.

The report also proposes the establishment of a special committee in ICB to supervise the implementation of all monetary policies in the country.

“The payment regime, as a significant factor in developing inter-bank exchange market, should be modernized as well,” the IMF report includes. It also emphasizes the assimilation of exchange rate as well as the reduction of legal reserve funds.   

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