Iranian official: Production sector needs $65 billion liquidity

Business Materials 9 November 2012 12:34 (UTC +04:00)

Azerbaijan, Baku, Nov.9/ Trend G.Mehdi/

Iranian production units need 800 trillion rials (about $65 billion) to meet revolving capital requirements in the current Iranian calendar year which ends on March 20, 2013, the Mehr News Agency quoted deputy industry minister Mohsen Salehinia as saying on Thursday.

"Last year, the sum needed was around 500 trillion rials," he added.

Providing the production sector with liquidity is the main priority, Mine and Trade Minister Mehdi Ghazanfari said earlier, on Monday.

"If we supply them with sufficient revolving capital and remove their banking and insurance problems, they will be able to boost their production significantly," Ghazanfari said.

We are looking forward to the National Development Fund allocating 10 per cent of its assets to the production sector, he added.

On May 15, Ghazanfari said that 10 per cent of the NDF's assets will be allocated for supporting the domestic production sector.

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