Hemmati Sees Positive Side of Things

EghtesadOnline: The Governor of the Central Bank of Iran Abdolnasser Hemmati says by implementing the tenets of the Resistance Economy in the new fiscal year (started March 21), the country can reduce the negative impact of unilateral US sanctions on the economy.

News ID: ۷۴۶۹۸۴

06 April 2019

In an Instagram post on Friday, Hemmati referred to two overarching forecasts for the new Iranian year, one being doom and gloom dye to more stringent restrictions the US intends to impose, including a ban on Iranian oil exports, worsening stagflation, ballooning liquidity and negative economic growth.

Another likely outcome, according to Hemmati, is "overcoming problems." In the latter scenario, which the CBI boss believes is doable through "proper and coordinated policymaking", he expects the sanctions to be blunted, interaction with friendly nations to increase and national production to pick up.

"In a full-fledged economic war and with awareness of our capabilities along with precise policymaking we can neutralize the plots of the enemy," Financial Tribune quoted Hemmati as saying.

Resistance Economy is a set of guidelines carved out by Iran’s Leader to lessen the impact of US-led sanctions and stimulate economic growth mainly by reducing the country's dependence on oil revenues.

Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei in his Norouz message on March 21 called on the government and the people to join ranks in boosting domestic production.

In his TV message to the nation on the occasion of the Persian New Year, he commended the nation's "fortitude and prudence" against the hostile powers and their ploys.

Ayatollah Khamenei designated the new calendar year of 1398 as the year of "Enhancing Production."

As part of his economic forecast for the current year, Hemmati expected non-oil exports to increase, control over the currency market and decline in the money supply.