Iran to privatize $350 billion public assets

Click here: IINA – Iran to privatize $350 billion public assets

Iran’s financial market is opening up to the world and the private sector is expected to play a greater role with the privatization of $350 billion of public assets, according to a former governor of the Central Bank of Iran. Countering US Administration claims that Iran is heading towards isolation and economic hardship as a result of the nuclear stand-off, Dr Seyed Mohammad Hossein Adeli downplays the impact of sanctions on Iran and is upbeat about the country’s financial future. Iran is one of the few countries in the world to have converted its entire financial sector to an Islamic system and as a Governor of the Central Bank of Iran, Dr. Adeli is credited with spearheading major reforms in the country’s financial sector. Dr. Adeli is currently Chairman and CEO of the Ravand Institute for Economic and International Studies in Teheran.

On Iran’s financial sector and its relationship to the rest of the world, Dr. Adeli says: “The financial sector in Iran is gradually opening up to the world. Permitting private banks to be established and operated; allowing foreign banks to operate in Iran; introducing privatization of some public banks; and, allowing foreign investors to invest in the Teheran Stock Exchange, are all measures indicating that the financial sector is determined to open up to the world.” “Given the size of Iran’s foreign exchange reserves on the one side with foreign reserves exceeding $30 billion, and foreign trade reaching $150 billion and foreign trade transactions of Iran worldwide, there is a fairly strong connection between international financial institutions and Iran’s financial sector,” he said.

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