Iranian parliament to discuss currency bill

Business Materials 10 October 2012 17:29 (UTC +04:00)

Azerbaijan, Baku, Oct.10/ Trend G.Mehdi/

The Iranian parliament will discuss a double-urgency bill by next week, aiming to provide domestic producers a U.S. dollar of 17,000-18,000 rials, Ecnomic Committee Chairman Arsalan Fathipour said, ISNA reported.

Another bill is planned to be submitted to the Majlis, based on which factories will be authorized to lay off their laborers to adjust costs, Fathipour told ISNA.

Meanwhile, a member of the association of Iranian part makers Farhad Behnia has said domestic producers can benefit from financial facilities to the ceiling of 50 billion rials (some $4 million) which have been allocated to support the domestic production.

Behnia told the ISNA News Agency that according to the law, 20 percent of the national oil income will be deposited into the National Development Fund.

"Each production unit can apply for receiving to the ceiling of 50 billion rials from the fund," he noted.

On May 26, Central Bank Governor Mahmoud Bahmani said that Iran plans to issue 250 trillion rials (some $20.3 billion) in bonds in the current calendar year, which began on March 20, to support domestic production and help regulate liquidity growth.

According to the current year's budget law, 10 percent of the NDF's assets should be turned into rials and be invested in the agriculture sector and 10 percent in the industry sector.

The NDF has allocated $3 billion worth of its assets to pay facilities in loans to the agriculture and industry sectors, the NDF's deputy manager Mohammad-Qasem Hosseini said on September 13.

Hosseini added that the sum will be turned into rials to finance domestic projects in industry, mine, water, and agriculture projects, the Fars News Agency reported.