Azerbaijan, Baku, July 30 /Trend S.Isayev, T. Jafarov/
Economic situation in Iran is unstable and people therefore prefer to invest their assets in forex, gold, and housing sector, instead of investing into industrial sector, Albert Schweitzer Professor in the Humanities and the Director of the Institute of Global Cultural Studies at Binghamton University in Binghamton, New York, Ali Al'amin Mazrui told Trend.
According to ILNA, Iran's industrial sector has suffered from lacking liquidity and attracting investments. Several major firms, including Auto firms pulled out some of their workers, and are working with half of their production capacity.
Mazrui noted, that there is uncertainty existing in Iran with regard to stable economic future, adding that due to high inflation and recession, people make their choices.
As an example, Iran's national currency has lost 45 percent of its value compared to las year. USD rate in Iran's open markets was 19,974 rials on Sunday, while this figure was 10,400 in the beginning of last year.
Although the international gold prices have decreased by 0,63 percent compared to last year, gold purchases in Iran have risen, according to Iranian media outlets.
Member of Iranian parliament's economic commission Mousa al-Reza Sarvati said that "a person has purchased 15 tons of gold off the market", while Iran's overall import of gold from Turkey during first 6 months of 2012 was 60 tons.
With regard to information about an unnamed person purchasing 15 tons of gold, Mazrui said he does not believe in it, noting that is not the central issue here.
"Economic perspectives of Iran depend on various conditions both inside and outside the country," Mazrui said. "Until the foreign policy of Iran changes, there is very little hope for stable economic future."
Yesterday Mehr reported that the old gold coins on the Iranian markets cost 7280 000 rials, while the new designed coins cost 7250 000 rials, indicating an increase by 297 0000 rials and 335 0000 rials respectively, compared to last year.
Speaking about the international sanctions's affect on Iran's nuclear program, Mazrui said it is in no way connected to Iran's oil revenues.
"Iran has enough of money that it gets from selling oil, it has nothing to do with politics," Mazrui said. "Country's interior and foreign policy are the spheres that need changes, and unless they are implemented, the problems will remain."
According to the Reuters report, it's expected that Iran's oil export will be cut in half in 2012, falling to 1.2 mbd, a move that will decrease Iran's oil revenues to $43 billion this year.
Iran's oil revenues have increased dramatically since the 1979 revolution. Before the 1979, the country was getting $150 billion from its oil sales. This figure increased to $400 billion from 1979 to 2005.
Since Mahmoud Ahmadinejad came to power as president of Iran in 2005, Iran's oil revenues stood at $46.6 billion. They have been increasing steadily in the next three years with $ 57.719 bln (2006), $66.214 bln (2006), and $87.050 bln (2008).
In 2009, Iran's oil revenues fell to $56.341 bln, and increased in 2010 again, reaching some $72 billions. In 2011, the figure has fallen again, to some $60 billions.