Azernews.Az

By Sara Rajabova

Iran’s economy minister has received another warning from the parliament over his report on the situation in the country’s stock market.

Ali Tayyebnia’s report on the falling trend of the stock market’s index did not come out as convincing enough for the members of the parliament.

MP Hamid Rasaei questioned Tayyebnia on the reason behind the plunge in the Tehran Stock Market main index over the past two months, but the minister’s explanations could not convince MPs, Trend reported referring to Fars news agency.

It is the second time that Tayyebnia has received official warning from the parliament.

In 2013, Tayyebnia received yellow cards from the two MPs when summoned to provide comments about Central Bank governor Bahmani’s conduct.

Continuance of declining indexes on the Tehran Stock Exchange caused protests by shareholders on January 21.

However, Tayyebnia told Trend in late January that the stock market is stable due to some measures that have been taken.

He said, "a series of decisions have been taken over the past year and were planned to be implemented. These had negative effects on the capital market. Of course, the declining oil price also had an effect."

The global fall in oil prices have negatively affected the economy of the oil-producing countries, as well as the Iranian economy. Another hurdle for Iran’s economic development is the international sanction imposed on the country over its nuclear energy program.

The U.S. and some of Westerns countries suspect Iran of developing a nuclear weapon - something that Iran denies.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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