04 September 2014
The government-proposed package will be effective in pulling the country out of recession and creating economic prosperity, said a member of Majlis Development Commission.
Speaking in an exclusive interview with Iran Daily, Mehrdad Lahouti added that the package will boost Iranian banks' assets, public participation and investments.
"One of the government's proposed plans in the package pertains to settling public debts with domestic banks because they owe them a lot," he said.
He also said the Majlis had warned the past government about paying its debts to the banking sector on several occasions.
Lahouti noted that it is stipulated in the package that the government is required to pay $12.5 billion to domestic banks in three years.
"Currently, Iranian banks, instead of providing producers with facilities, themselves buy products or make investments. Most of Tehran province's banks directly get involved in construction projects," he said.
The MP added that domestic banks have established companies that invest in different fields.
"This is while banks should not directly make investments and undertake economic activities. Their responsibility is to provide producers with facilities and hand over the projects to them," he said.
Lahouti stressed that the package also requires banks to cede 33 percent of surplus properties, their own shares and those of affiliated companies to the private sector.
The MP noted that the money earned through conceding the shares will be added to the banks' assets.
On the facilities paid in previous years to applicants from Foreign Reserve Fund, he said those who received facilities deposited installments in the fund, adding that new regulations mandate that the money should be deposited in the account of National Development Fund.
However, currently, in light of favorable interactions between President Hassan Rouhani's administration and Majlis, the money is deposited in the accounts of agent banks.
The lawmaker said the government has allowed the Oil Ministry to accept investments up to $3.12 billion and guarantee that they will not suffer any capital loss.
"These measures will certainly encourage public participation and assures investors," he said.
Lahouti also said the package involves a plan to grant tax exemptions to domestic and foreign investors, which will be very effective in creating economic prosperity.
"Other MPs are to amend the plans of the package," he said.
"Foreign investors, who establish production lines in Iran and export 30 percent of their products, will be entitled to tax exemptions."
The government-proposed package will be effective in pulling the country out of recession and creating economic prosperity, said a member of Majlis Development Commission.
Speaking in an exclusive interview with Iran Daily, Mehrdad Lahouti added that the package will boost Iranian banks' assets, public participation and investments.
"One of the government's proposed plans in the package pertains to settling public debts with domestic banks because they owe them a lot," he said.
He also said the Majlis had warned the past government about paying its debts to the banking sector on several occasions.
Lahouti noted that it is stipulated in the package that the government is required to pay $12.5 billion to domestic banks in three years.
"Currently, Iranian banks, instead of providing producers with facilities, themselves buy products or make investments. Most of Tehran province's banks directly get involved in construction projects," he said.
The MP added that domestic banks have established companies that invest in different fields.
"This is while banks should not directly make investments and undertake economic activities. Their responsibility is to provide producers with facilities and hand over the projects to them," he said.
Lahouti stressed that the package also requires banks to cede 33 percent of surplus properties, their own shares and those of affiliated companies to the private sector.
The MP noted that the money earned through conceding the shares will be added to the banks' assets.
On the facilities paid in previous years to applicants from Foreign Reserve Fund, he said those who received facilities deposited installments in the fund, adding that new regulations mandate that the money should be deposited in the account of National Development Fund.
However, currently, in light of favorable interactions between President Hassan Rouhani's administration and Majlis, the money is deposited in the accounts of agent banks.
The lawmaker said the government has allowed the Oil Ministry to accept investments up to $3.12 billion and guarantee that they will not suffer any capital loss.
"These measures will certainly encourage public participation and assures investors," he said.
Lahouti also said the package involves a plan to grant tax exemptions to domestic and foreign investors, which will be very effective in creating economic prosperity.
"Other MPs are to amend the plans of the package," he said.
"Foreign investors, who establish production lines in Iran and export 30 percent of their products, will be entitled to tax exemptions."
© Iran Daily 2014
