‘Country’s monetary system must be directed towards a capital system’

TEHRAN – Gholam-Hossein Jamili, a member of the board of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), believes that directing the country’s monetary system towards a capital system could divert limited financial resources to wealth creation and reduce inflation.

“Now that the government has targeted a 22-percent inflation rate for the next [Iranian calendar] year (begins on March 21, 2021), the first step in achieving this goal is to guide the monetary system towards a capital system based on providing accurate statistics and information,” Jamili said.

In this regard, the role of the Central Bank of Iran (CBI) is very important and therefore it can direct the limited financial resources that exist in the country in the optimal direction, the official stressed.

“Directing the monetary system to the capital system can cause limited financial resources to be used to generate wealth, and this will result in less inflationary effects in the country, which the central bank is trying to achieve.”

He further mentioned the recent developments regarding the pandemic and in the White House and noted that considering the recent development in the global economy and politics, “we hope to be able to make up for some of the economic issues and achieve an inflation rate even below 22 percent.”

According to Jamili, Iran’s economy has great potential, which is why many international economists believe that the chances of the Iranian economy getting back on track in near future are very high.

He further noted that the stock market has been institutionalized among the people and has attracted a lot of capital.

“Despite its early fluctuations, when people become aware that they can bring their idle assets into the capital system and be part of the country’s production and economic cycle and share its benefits, a big change will happen and government can also continue to encourage and guide people in this direction in the years to come with better planning.”



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