Banking system is main pillar for development of economy

The Minister of Economic Affairs and Finance of Iran says in the current situation, the countrys banks are the main pillars for growth and development of the economy.

(SHADA: TEHRAN) -- Speaking at the annual general meeting of Bank Melli Iran, Farhad Dejpasand said if we leave banks alone in such a situation, everyone will suffer the adverse consequences.

He further noted that it is unfair to criticize the functioning of the banking system in the current state of the economy and with regard to cruel sanctions, and said: One of the main goals of the sanctions is to block the inflow of funds and raw materials and intermediaries in order to create a problem in the country's production process; and one of the consequences could be a decrease in the ability of these sectors to liquidate and repay their banking facilities.

In such a situation, banks must also burden some of the tasks of other sectors of the economy to provide firms with the resources they need, the Minister added.

Pointing to the available capacities in the country's manufacturing enterprises, he emphasized the need to provide working capital for firms to increase their productivity and said: In the first four months of this year sixty percent of the banking system's facilities have been used to provide working capital for firms, which the banks' performance, especially Bank Melli Iran, is commendable in this respect.