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Iran's Ministers Discuss Recent Developments

Service : Politic
TEHRAN, June 23 (ICANA) – After a week full of events Iran's presidential palace became the place to find the answers to many questions.
Thursday, June 23, 2011 11:02:47 AM
Iran's Ministers Discuss Recent Developments

One day after the parliament rejected President Mahmoud Ahmadinejad's choice for minister of sports and youth and decided to exclude the ministry of communications from the mergers, the plan to reduce the number of ministries to 17 from 21 is still the hottest topic.

Minister of Housing, Ali Nikzad: “The original plan that I had submitted to the parliament is still valid for the merger of the two ministries of roads and housing”.

Ali Nikzad will be attending the parliament's open session on Sunday hoping to win a vote of confidence while the MPs will still have to discuss the other proposed mergers.

Vice-President for Parliamentary Affairs, Mohammad-Reza Mir-Tajeddini: “We've submitted the bills for the mergers of the ministries of labour and welfare as well as the ministries of industries and trade… for the time being we're no longer considering the merger of the ministries of oil and energy… both will continue operating as before”.

Meanwhile the interior ministry is preparing for the parliamentary elections to be held on the 2nd of March 2012.

But aside from all the political buzz, in the past weeks in Iran investors have been closely watching the foreign exchange market and the price of gold… Iran's Central bank stepped in to break the bubble as gold prices hiked and the Rial dropped against the dollar by injecting foreign currencies and gold coins to the market at special rates for those who actually need them… the intervention has caused dollar and gold coins to be sold at several rates… a rift that analysts say needs to be filled for the market to stabilize.

Head, Central Bank of Iran, Mahmoud Bahmani: “Our main objective is to fill the gap between the prices offered by the bank and the prices in the market. We've been quite successful so far… according to the report I received yesterday there is only 56 rials difference in the prices… which is a considerable drop from the 140 rials in the begin of our intervention… we will continue until we can maintain a proper balance between supply and demand in the market.”

Meanwhile Tehran stock exchange continues to be an attractive market for investors.

Minister of Economic Affairs, Shamseddin Hosseini: “Its main index, TEPIX, has now passed the 25-thousand mark… as you know the TEPIX was ranked as the best performing bourse index in Europe, Africa and Middle East in 2010”.

The developments in Iran's economy, and how the parliament will respond to the decisions made by the administration, the interactions between the two, and of course the parliament's vote confidence session next week are all good reasons for observers to keep a close eye on what will be happening in the coming weeks.

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