Iran draws plans to get ready for post-sanctions era
By Sara Rajabova
The Lausanne framework nuclear deal and ongoing negotiations have increased hopes for a resolution of the long-lasting nuclear dispute with Iran.
Hopeful of the coming resolution of a decade-old nuclear standoff, Iran has already prepared for the revival of its sanctions-hit economy in the post-sanctions period.
Valiollah Seif, Iran’s Central Bank governor said the Iranian government has started planning for the post-sanctions period to put the economy back on its feet, Iranian media reported.
“The government is mapping out strategies to channel funds and accelerate the development of key sectors, including oil and gas, tourism and IT,” the Financial Times quoted him as saying in an interview.
He voiced expectation for the removal of financial sanctions a few months after a final nuclear agreement is finally inked. The financial sanctions have blocked tens of billions of dollars of the Islamic Republic’s oil revenues in overseas accounts and hindered access to international banks.
Currently, world powers and Iran are engaged in nuclear talks to conclude a comprehensive accord by the end of June.
Seif, however, cautioned against expecting an immediate impact on Iran’s economy, estimating that the removal of sanctions will not be felt before the Iranian year ends next March.
He also said European and Arab investors were interested in Iran’s banking sector.
“They are asking whether they can get licenses to establish new banks, buy stakes in existing private banks, and whether or not they can open up branches,” Seif said.
He added the government had prepared the economy for the worst scenario in order to sustain its growth no matter what happens in the nuclear negotiations.
“Regardless of what the outcome of the negotiations will be, we have planned our economy in such a way that its gradual improvement will continue,” Seif said.
The U.S. and EU imposed sanctions on Iran's oil and financial sectors at the beginning of 2012 due to claims of potential deviations toward non-civilian purposes in Iran's nuclear energy program. Iran has repeatedly denied Western allegations against its nuclear energy program.
Sanctions are aimed to prevent other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran. At the end of 2012, EU foreign ministers reached an agreement on another round of sanctions against Iran.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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