Iran’s economic stimulus plan to take effect in coming days
Tehran, Iran, Oct. 26
By Mehdi Sepahvand, Fatih Karimov - Trend: Iran 's economic stimulus plan will take effect as of the middle of the current Iranian fiscal month (October 23).
Iran's Central Bank Governor Valiollah Seif said the Management and Planning Organization has started planning and has taken measures to provide finance for development projects, Trend's correspondent reported from Tehran Oct. 26.
The bank is responsible for implementing the economic flourish package and will progress taking some considerations into account, Seif said.
The Iranian government has unveiled a policy package to stimulate the stagnant economy through higher investment in production and boosting consumer spending.
The measures are envisaged for duration of six months in the run-up to the lifting of sanctions.
Seif went on to say that the country has attained notable progress in the field of information technology despite the regime of sanctions, saying that the private sector could play a key role in the post-sanctions era.
He added that the country's blocked assets do not need to be returned in cash. The money can be deposited to active bank accounts under the supervision of the Central Bank.
Since coming to office in 2013, the administration of President Hassan Rouhani has ridden out recession and presided over a growth rate of about three percent by following a tight monetary and fiscal policy.
It has also brought down inflation rates from above 40 percent to 13 percent and pledged to achieve single digits before his tenure is over.