Baku, Azerbaijan, Oct. 5
By Fatih Karimov - Trend: Iranian President Hassan Rouhani has issued a special order, urging related bodies to take measure to deal with the looming economic recession.
Four Iranian ministers have warned Rouhani of a recession in the capital market.
The ministers of economy, industry, labor, and defense have sent a joint letter to Rouhani, criticizing some uncoordinated policies and decisions by different bodies, warning that it may lead to a crisis in the capital market if a 'prompt corrective measure' is not taken.
Rouhani has called related officials to follow up the case seriously and offer solutions for the problem, Fars news agency reported Oct. 5.
Economy minister Ali Tayebnia has prepared a package of proposals for emerging from recession and has submitted it to Rouhani.
The package includes reducing the bank interest rate proportional to the inflation rate and supporting the domestic production.
It is expected that the package to be discussed by the Money and Credit Council in its Tuesday session.
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).
Edited by CN