Domestic issues more damaging to Iran's economy than sanctions

Business Materials 16 January 2019 16:58 (UTC +04:00)

Tehran, Iran, Jan.16


Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Masoud Khansari has indicated that the country's domestic issues, such as imported goods being stuck at customs, and the foreign currency exchange through the NIMA system, are more threatening to Iran's economy than the US sanctions.

"Although the sanctions are evident to everyone, the domestic issues are more hurtful, and if they're not managed, Iran's economy will seriously suffer, " he warned,"Khansari said, Trend reports citing Mehr News Agency.

"These problems can easily be solved by the government, said the official.

Khansari also suggested that the ministries manage the process of registration of imported goods.

"The registration process created many problems, this is currently the biggest problem in the country's production and trade sector," he said. "The issue of import of raw materials should not be ignored."

He also indicated the necessity to ease the process of transferring foreign currency from Integrated System for Hard Currency Transactions (NIMA ) to importers.

"Production units have many problems in providing raw materials, and the process of registering the imports in the NIMA system for foreign currency exchange is long and complicated, so it has been suggested that the imported raw material be handled without any foreign currency transfers to the NIMA system," said the official.

The Central Bank of Iran (CBI), has started the Integrated System for Hard Currency Transactions (NIMA) to register the currency revenues from the exports and supply of foreign currency to importers.

"The Ministry of Industry, Mine and Trade should solve the crisis in country's production and industry sectors, currently many industries and producers are facing problems and production units are downsizing their workers," said Khansari.