Iranian official warns against black economy

Business Materials 19 May 2016 14:33

Baku, Azerbaijan, May 19

By Khalid Kazimov - Trend:

An Iranian official has warned about black economy spreading in Iran, and called for transparency in the field.

Brigadier General Ahmad Vahidi, head of Iran's Center for Strategic Defense Research, has said that the 20 percent of the economic activities in the country are illegal, IRNA news agency reported.

Vahidi did not provide further details on the underground economic activities in the country.

Iran's economy is characterized by a large hydrocarbon sector, small scale agriculture and services sectors, and a noticeable state presence in manufacturing and financial services.

Iran ranks second in the world in natural gas reserves and fourth in proven crude oil reserves. Economic activity and government revenues still depend to a large extent on oil.