New signal of reduction of foreign exchange resources / advertising of buying foreign property was banned!
According to Tejarat News, Satra (the organization for regulating the audio-visual media) has sent a written warning to various media outlets stating that it is forbidden to publish any advertisement about the withdrawal of human, intellectual and financial capital from the country.
Tasnim said the directive was issued after many media outlets advertised the purchase of property abroad. But how much currency has been withdrawn during this period, and what signal does this new ban give to the foreign exchange market?
Withdrawal of 100 billion dollars of capital from the country!
Various statistics show that in the past few years, the migration and outflow of financial capital from Iran has intensified. In only one case did the Turkish Statistics Center state that Iranian citizens were the second largest buyer of Turkish property.
Earlier, Ahvaz MP Mojtaba Yousefi had said: “From 1997 to 1999, the equivalent of $ 7 billion in foreign currency was taken out of the country to buy property in Turkey.”
In March of last year, Massoud Khansari, the head of the Tehran Chamber of Commerce, said that about $ 100 billion had been invested between 1990 and 1998, and that a significant portion of it had been invested in the property markets of neighboring countries.
The outflow of foreign currency from the country has intensified while Iran has faced a serious reduction in foreign exchange resources since 1997 and with the intensification of sanctions.
7 times the oil revenue went to Turkey
According to Mohammad Baqer Nobakht, head of the Rouhani government’s program and budget organization, Iran’s oil revenue in 1999 was about $ 1.2 billion. According to a report by the Parliamentary Research Center, the government’s oil revenue for the first six months of 1999 was $ 700 million.
According to the statistics of the economic deputy of the main government in the first six months of this year, Iran’s oil revenue was $ 1.2 billion.
Statistics show that in the past two years, Iranians have bought property in Turkey seven times their annual oil revenue and exported foreign currency.
In contrast, Iran has not been able to attract new capital and increase its foreign exchange resources in the past few years.
New signal to the foreign exchange market
Iran’s foreign exchange reserves come at a time when both the issue of liberalizing car imports has been suspended and the government has recently banned the import of home appliances into the country. One of the reasons for the ban is said to be the lack of foreign exchange resources, and the government prefers to spend its limited foreign exchange resources on imports of basic goods; Not importing cars or appliances.
Now, in addition to economic institutions, non-economic institutions are also supposed to prevent the outflow of currency from the country. An example of this is the ban on advertising the outflow of currency and capital from the country.
Although human and intellectual capital is also mentioned in this circular, it seems that the main emphasis is on the issue of foreign exchange leaving the country.
But the question that was not answered during these bans and restrictions is why the outflow of capital from Iran has intensified and what policies have led the people and the economy in this direction?