Decision made to counter oil sanctions, redirect liquidity

TEHRAN – At a meeting of the Supreme Council of Economic Coordination attended by heads of the three branches of government on Monday afternoon, it was decided to draw up plans to counter oil embargo and redirect the high liquidity, which is partly blamed for the high inflation rate. In addition to President Hassan Rouhani, Parliament Speaker Mohammad Bagher Ghalibaf and Judiciary Chief Ebrahim Raisi, the administration’s top economic figures including central bank governor Nasser Hemmati, Planning and Budget Organization (PBO) director Mohammad-Baqer Nobakht, the president’s deputy for economic affairs Mohammad Nehavandian, Oil Minister Bijan Zanganeh were present. Vice President Es’haq Jahangiri, presidential chief of staff Mahmoud Vaezi, and Interior Minister Rahmani-Fazli were also present at the economic coordination council meeting. Also, Raisi’s top deputies attended the session. Two top MPs also were present. It was the first meeting of the heads of the three branches of government in which Ghalibaf was present. All three officials now running the executive, judicial and legislative powers were rivals in the 2017 presidential elections. At the session, Rouhani elaborated on ways to counter oil sanctions and manage liquidity. “Overcoming the complex conditions imposed by the outbreak of the coronavirus and enemies’ sanctions on the country requires the adoption of measures and policies that can create improvement in the economy and livelihood of the people, and in this regard, all three branches work together in harmony and convergence,” the presidential website quoted Rouhani as saying at the meeting. The proposal by the government's Economic Task Force to counter oil sanctions and manage liquidity was discussed and welcomed. Necessary decisions were also made to finalize it. The U.S. imposed sweeping economic sanctions on Iran, including a total ban on Iran’s oil exports, after the White House unilaterally withdrew from a 2015 nuclear deal between Iran and world powers on May 8, 2018. Rouhani also said that in addition to imposing sanctions, enemies make efforts to drive the Iranian people to despair through propaganda, adding that the enemies also try to sow discord among Iranian officials. “All officials must be careful in their speech and behavior so that we can thwart the conspiracies of the enemies and spread hope and joy in the society,” the president stated.