Resolve Issues with Private Sector: Al-Ishaq to Banks of Iran

The Head of Tehran Chamber of Commerce for Industries and Mines, Yahya Al-Ishaq, has urged the local banks to reconcile and work upon all the existing issues with the private sector. He is of the opinion that the means resorted to by banks against the private sector and other economic activists are intolerable.

Due to the prevailing issues between banks and the local traders present in Iran, there is a major impact on the economy of Iran and the other businesses. With the intolerable approach and behavior followed by the banks of Iran, the problems are only going to increase in the future, said Yahya while at a meeting he had with the various traders in Tehran.

He said that by addressing these issues and arriving at an amicable solution, the economy of Iran can be transformed and it would start improving. As of now, the economy of Iran is on a negative trend. This is mainly because economic sanctions are being imposed by Western countries and the banks are being stricter in terms of financing.

The local banks are left with limited funds and they are unable to meet the demands of the traders. Yahya Al-Ishaq also blamed the banks saying that they had a role in the scamming of businessmen in Iran. Foreign currencies are not transferred easily and due to this, tradesmen are unable to make payments. Several traders are not able to receive payments for the services they had provided months ago and this is causing major concern among traders.

The root cause for these situations is the imposition of economic sanctions on Iran by foreign countries, as they believe that Iran is developing nuclear weapons. However, Iran continues to claim that they are not developing nuclear weapons.

Iran however says that they are not developing nuclear weapons, but conducting nuclear activities which they intend to use only for peaceful purposes and not for the development of weapons. Other countries fail to believe this and hence, this is causing problems in Iran and its economy.