coordination of private banks and financial and credit institutions enforce people to tolerate high inflation and uncontrolled rising inflation

coordination of private banks and financial and credit institutions enforce people to tolerate high inflation and uncontrolled rising inflation


Head od Industrial and Mineral Assosiation Network of Iran  said : during the last years Coordination of private banks and financial and credit institutions by importers of goods enforce people to tolerate high inflation and uncontrolled rising inflation.
Bijan  Panahizadeh said Sunday in an interview with IRNA economic reporter
: Studies have shown that in the past few years,the mentioned private banks and institutions
absorb ten thousands billion of people’s resources and liquidity and give them to good’s merchants  and importers with 25 to 35 percent dividend. He said that the given resources to mentioned merchants and buisinessmen  allocated to unproductive  trading markets and housing sections trading, because importers and  housing section’s jobbers are able to  pay huge dividends to these institutions . Panahizadeh also said : The banking and institutions facilities makers  involved the interested dividends in the total cost of the provision of goods and services, so people suffer from this performance. He added : the mentioned banks and institutes direct  their resources to short-term profits and unproductive works while Central Bank of the Islamic Republic as a system monitoring the performance of monetary and financial institutions does  no action except watching. This industry expert added: the mentioned banks and institutions only attracted to  short-term profit activities during past years and never did anything to cover manufacturing and financial activities or their activities were less in this field. He said that today, the economic experts believe that government was not faultless on foreign imports, especially different kinds of fruits, and ten billion dollars were exited in this way from the country’s production turntable in recent years. Panahizadeh said : state banks were not innocent in this cycle,and did their best to pay facilitaty payments, working capital and development . He added : we faced these situation while the producers who were unable to pay their debts on time, faced with reached delayed and facilities. President of the Network of Associations of Industrial and Mining
Said: banks due to the tendency to profitable short-term approach,don’t have any resources to pay  for23 thousand unfinished projects, and yet the same units ask for a working capital facility for obtaining but it was not possible. Panahizadeh said : mass resolution of the Provincial Council and other workgroups of employment, noe has been archived in the banks. This industry expert added: Depending on the central bank’s policy – supervision packages 60 percent of the banks’ should be paid to production section includes manufacturing, mining and
agricultural, but this figure is not met in private banks, so that according to data, they spend 90% of their resources in non-productive activities.

Publish date:1/08/1391


Oct 23, 2012 10:52
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