Iran needs monitoring authority for economic reform policy - MP

Business Materials 1 June 2022 13:20 (UTC +04:00)
Iran needs monitoring authority for economic reform policy - MP

TEHRAN, Iran, June 1. Iranian government's economic reform policy and ending subsidized foreign currency rate for imports requires monitoring, an Iranian member of parliament Mohammad Ali Mohseni Bandpei told Trend.

"Weakness in monitoring effects pricing of essential goods that recently leads to disorder. There is a need for strict monitoring organizations to act independently from legislative, executive, and judicial powers," he said

The MP has pointed out previous failures in managing subsidized foreign currency rates for the import of medicine that twenty companies imported expired medicine.

He went on to say that shortage of human and financial resources, lack of necessary equipment, and conflict of interest are reducing the function of the monitoring organizations.

According to Bandpei monitoring organizations could manage the annual budget for each region and assign efficient financial resources to each region.

The subsidy policy was designed to avoid price hikes in food and raw materials and protect consumers against inflation.

Iran’s President Ebrahim Raisi has announced reforms in the country’s subsidies system that include ending subsidized foreign currency rates for imports, issuing electronic coupons and offering cash subside for citizens.