Don’t Expect Quick Lifting of Sanctions – Iran Economy Minister

Iran’s Minister of Economic Affairs and Finance Ali Tayyeb-Nia today cautioned against the expectations of a quick removal of the sanctions against the country.

“If we hope that the sanctions would be lifted in the near future and a breakthrough would occur, it would be wishful thinking, because the removal of the sanctions is a long-term process,” Tayyeb-Nia said. (IRNA/Press TV, 6 October)

Tayyeb-Nia yesterday announced that Iran’s inflation rate has climbed to 40 percent, and his comments today is a warning not to wait for lifting of sanctions to address serious economic woes facing the country. It is not clear, however, if the economy can respond to any stimulus plans by the government short of the lifting of oil and banking sanctions.

File photo: Iran’s Minister of Economic Affairs and Finance Ali Tayyeb-Nia. (IRNA)

Kayhan, Other Media Warn of Public Backlash Over New Wave of Price Hikes

Iran’s influential conservative newspaper Kayhan today joined other Iranian media in warning that a new wave of price hikes in recent days could stir discontent less than two months before presidential elections. Kayhan’s banner headline on its first page today reads, Race between public and private sectors to raise prices.

The media have also been critical of officials in handling the country’s economy in face of sanctions. Kayhan generally supports the official policies.

Prices of staples such as cooking oil, chicken and red meat have jumped up to 60 percent in recent days after authorities increased the special exchange rate for importers. Food importers now pay 24,500 rials for $1, nearly double from the special 12,260 rate they paid before.

Photo: Kayhan’s first page, 22 April 2013. Banner headline reads, Race between public and private sectors to raise prices. (Kayhan)