Central Bank: European banks, investors can reap benefits in Iran
Baku, Azerbaijan, March 5
By Khalid Kazimov - Trend:
Valiollah Seif, the governor of the Central Bank of Iran, has called on European investors, bankers and financial institutions to reap benefits from Iran's untapped market in post-sanctions era.
He said Iran welcomes mutual expansion of cooperation with the EU in order to help investors benefit from economic opportunities in Iran, IRNA news agency reported March 5.
Seif made the remarks at a conference on trade and banking ties between Iran and the EU in Tehran.
Meanwhile, the Iranian economy will be capable of attracting investments aimed at accelerating growth in the country, he said.
Saying that despite the sharp decline in the global economy in 2015, Seif said international and domestic experts forecast economic growth for Iran and speculated that Iran's economic growth in 2016 will surpass five percent.
In order to secure foreign investment in the country he further called for stabilizing the country's volatile currency market.
While the removal of international sanctions against Iran offers a new outlook for a large emerging untapped market, the risk of exchange rate fluctuations remains as a major barrier drawing the attention of international investors.
A recent IMF report estimates that Iran's real GDP growth is projected to accelerate to 4-5.5 percent in 2016/2017 and to average 4 percent throughout the medium term.
Due to international sanctions Iranian financial markets have been isolated from the world capital markets.
Over the past decade, in a bid to curb Iran's nuclear program, the international community took measures against Tehran, including restrictions imposed on the country's financial system, as well as industry, which have had a catastrophic impact on Iranians' economic situation and life conditions.