Tehran, Sept 18, IRNA
Minister of Finance and Economic Affairs Ali Tayebnia said at a local gathering here that the main responsibility of the banking system is to finance economic activities.
Speaking at a session of managers of holding and investment companies with the first vice-president Wednesday, the minister said: "Unfortunately under the present condition we are even deprived of the low economic growth which the country experienced in the past 20 to 30 years ago."
He said: "We have reached the conclusion that one of the most important elements for the emergence of stagnation is shortage of financial resources and credit bottlenecks which have been experienced in recent years. Under the present condition and with regard to the fact that sanctions are concentrated on oil revenues, this problem has become severer and harder in our economy."
Stressing that there is no problem of saving in the country, he said the difficulty is that savings are not spent for removing obstacles in the production sector.
© IRNA 2014
