Decentralizing the banking system | Impressive performer with ambitious plans
AT FIRST GLANCE, the Iranian economy looks to be on a roll. The IMF declared in June 2004 that growth should remain strong at 6.5% in the Iranian fiscal year to 21 March 2005. This comes after growth of 6.8% in the previous fiscal year, slightly down on 2002-03 growth of 7.4%. The Tehran Stock Exchange (TSE) is continuing to perform strongly, after recording 116% growth in 2003, and oil prices are at historical highs.
Yet beyond the short term the picture appears less rosy.
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