Economy of resistance: Iran's solution to battle imposed sanctions

Azerbaijan, Baku, July 26 /Trend S.Isayev, T. Jafarov/

Yesterday, a special meeting with representatives from Iranian parliament, presidential administration and the juridical system was held in the parliament, regarding the "economy of resistance" that Iran is implementing.

The five-hour meeting discussed the poverty, rising expenses on food, the industrial situation in the country, and also agricultural problems.

Several days ago, country's supreme leader Ayatollah Ali Khamenei made a speech, talking about country's economic problems, and urged officials to find a way to deal with these issues.

After the meeting, Iranian parliament speaker Ali Larijani said that in order to tackle the impact of economic crisis and lower the high expenses in the country, a special headquarters was established.

This headquarters has been established from the members of Iran's Iranian parliament, presidential administration and the juridical system - a total of 9 people.

Larijani noted that this headquarters has already began its work, while not yet being ratified, adding that because of the sanctions imposed by the West on Iran, these sanctions impact country's economy badly, therefore it is needed to apply the "economy of resistance".

He said that the goal of the "economy of resistance" is to stop the impact of high prices on the nation.

The first conference on the "Economy of Resistance" was hosted in Tehran on May 17, 2012. The conference was inaugurated in the presence of Secretary of the Supreme National Security Council Saeed Jalili.

The conference was organized based on a guideline made by Supreme Leader of the Islamic Revolution Ayatollah Ali Khamenei who had said an economic system should be established to confront sanctions imposed by the West on Iran in recent years.

Goals of "economy of resistance"

Yesterday's meeting had Iran's parliamentary members, ministers of economy and finances, mining and commerce industry officials, oil ministry officials, and also officials from agricultural sphere, and Iran's central bank participating in a dialogue, and sharing ideas.

Larijani said the goal of the "economy of resistance" is to stop the impact of high prices on the nation, and to lower the deficit of the goods.

The following problems were discussed, and agreed upon to be solved: inflation, high prices of agricultural goods, low level of currency exchange for traveling abroad, country's dependency on oil money, and possible discounts in local banks.

ISNA reported that after the meeting, the minister of economy and finance Shamsaddin Hosseini said that Iran is currently saves money, and closely monitors domestic production to lessen the impact of international sanctions.

Another thing that Iran is currently implementing to save resources is implementing the "travel exchange" (rial-to- foreign currency) strategy for its citizens.

Head of Iran's Central Bank Mahmoud Bahmani said that from now on the "travel exchange" would only be available for pilgrims traveling to holy places.

The United States and the European Union this month severely ramped up their sanctions on Iran with the aim of strangling its oil-export dependent economy in a bid to force it to roll back its nuclear activities.

Inflation is officially put at 21 percent but estimated by outside analysts to be much higher. Bread, taxi and energy prices have all risen markedly.

Time will show, whether Iran's implementation of "economy of resistance" will actually bring positive results.

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