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Iran, how to manage country without oil

Mehr News Agency – Iran – In its recent report, the Research Center of the Iranian Parliament has discussed ways to reach a non-oil economy, the one which is not dependent on oil revenues. Among the discussed methods by the Research Center, it can be referred to levying tax on capital gains, taxes on costly real estate and imports management.

oil“No economist supports continuation of sanctions. Economic sanctions weaken the country’s production power and reduces people’s welfare in the long and short run,” the report says. Noting that Iran’s economy is currently experiencing a vulnerable stage, the report regards moving towards a non-oil economy as a suitable path to encounter the sanctions, which are designed to hit the economy in its Achilles heel, i.e. oil revenues.

However, the report admits that reducing reliance on oil income cannot be translated into decreasing oil exports to zero but as it discusses in case oil exports drop to Zero, the conditions would be manageable via managing balance of payments and controlling the forex market.

Urging the government to take a sustainable anti-sanctions attitude, the report calls for taking required measure to amend the foreign exchange rates, market and in general the structure of forex sector.

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