Iranian ministers warn president of recession
Baku, Azerbaijan, Oct. 4
By Fatih Karimov - Trend:
Four Iranian ministers have warned President Hassan Rouhani of a recession in the capital market.
The ministers of economy, industry, labor, and defense sent a joint letter to Rouhani, criticizing some uncoordinated policies and decisions by different bodies, warning that it may be led to a crisis in the capital market if a 'prompt corrective measure' is not taken, Mehr news agency reported on October 4.
The Tehran Stock Market has experienced a considerable decline over the past year.
The four ministers have said that since January 2013 the capital market value has dropped by 42 percent, equaling 1800 trillion rials (about $51 billion).
While those who endorse Rouhani's economic policies say the reduction in inflation has to do with establishing monetary order in the government, controlling the growth rate of the monetary base and liquidity, and adjusting expected inflation, others worry that the reduction indicates stagnation.
Supreme Leader Ayatollah Ali Khamenei has urged meeting an economic growth of 8 percent, which Rouhani said would try to achieve, however hard to reach.