Transition from stagflation

In a meeting attended by the governor of the central bank and members of chamber of commerce in Mirdamad CBI headquarter, Valiollah Seif referred to the current stagflation prevailing the country and said; "Our banking system is facing two challenges of inflation and liquidity. In addition, the very issue of supporting production and economic growth gains crucial significance. It needs sympathy, synergy and cooperation among economic activists to make a transition. The governor of the central bank went on to say; "In order to avoid wastage of resources, we should do our best to direct them towards sectors which can boost production. Meetings such as this one could help realize this objective." Some economic activists talked about the issues in their domain and presented their demands, afterwards. Shfe'ee, the head of Iran chamber of commerce also expressed his appreciation to Mr. Seif for hosting the meeting and demanded similar events to occur in future.
Ale-Eshagh, the head of Tehran chamber of commerce, pointed to an insatiable greed to absorb banking resources in Iran and added; "The central bank together with the banking system is now capable to offer 240,000 billion tumans of facilities while demand for facilities is more than twice this capacity." He also demanded that the banking facilities to be directed towards production and productivity to be enhanced. In another part of the meeting Valiollah Seif responded to the issues and stated; "All these problems originate from imbalances. None of them would occur, provided that we established equilibrium in the economic environment of our country." "Whether public or private, all banks are expected to support production", he emphasized. As the chairman of the money and credit council, he highlighted the government's determination to support private sector and positive economic activities. The governor of the central bank redefined the banking system as an institution which is expected to maintain relative justice among depositors, shareholders, and receivers of facilities. "We are looking for a suitable mechanism to materialize this aim", he continued. He asked the banks to move towards establishment of corporate governance so as to prevent wastage of resources. The meeting which was decided to be held in several other occasions or on a regular basis was attended by Mr. Komeijani, the vice-governor; Mr. Ghorbani, the economic deputy; Mr. Hemmati and Mr. Motamedi, the CEOs of bank Melli and bank Eqtesad Novin; Mr. Ale-Eshagh, the head of Tehran chamber of commerce; Mr. Shafe'ee, the head of Iran chamber of commerce; and a number of economic activists.