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Ahmad Tavakkoli:

Ahmadinejad-CBI deal on government debts illegal

Service : Politic
Tehran, June 29, (ICANA) – Senior Iranian MP and the supervisory member of Iran's Money and Credit Council Ahmad Tavakkoli has warned about an “illegal” decision made by President Mahmoud Ahmadinejad and General Assembly of the Central Bank of Iran (CBI) to settle government’s debts.
Sunday, June 30, 2013 4:48:46 PM
Ahmadinejad-CBI deal on government debts illegal

In an open letter to Majlis Speaker Ali Larijani, Tavakkoli referred to a meeting of the CBI General Assembly chaired by Ahmadinejad on June 3 and warned that the decisions adopted at the meeting run counter to the law.

“Apart from their contradictions with the law, [the decisions] will prevent efforts made to rein in liquidity under the present inflationary conditions and will, therefore, make people and production sector suffer,” the MP said.

He added that the CBI has legally and illegally paid hefty sums of money to the government, and state-run companies, institutions and banks, while reducing government’s debts to the CBI is a major means of lowering inflation.

Tavakkoli stated that the CBI General Assembly has decided to overprice the foreign currency it has sold to the CBI in 2012, in order to reduce the government’s debt which amounts to billions of dollars.

The lawmaker stated that according to the decision made by the General Assembly of the CBI, government’s debt to the CBI, which amounts to 110,000 billion rials should be settled with a total of 740,000 billion rials of profits resulting from the difference in official and market price of foreign currencies sold to the CBI.

“In fact, the president and four ministers who are members of the CBI’s General Assembly, have determined parity rate of dollar at 2,500 tomans and have multiplied the difference between that rate and the official parity rate of 1,226 dollars, which equals 1,274 rials, in 58 billion dollars of foreign currency that the government has sold to the CBI, and have come up with the imaginary figure of 74,000 billion tomans. Then they have taken this figure as government’s claims with the CBI and have used it to settle a long list of debts that the government and state-run bodies owe to the CBI,” he said.

In conclusion, Tavakkoli asked the Majlis speaker to use any means in his power to nullify this decision because “it will intensify the negative impact of government’s past decisions … and in addition to dealing another blow to the national economy, cause serious problems for people’s livelihood.”

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