ON JULY 3 2006 Iran’s supreme leader, Ayatollah Khamenei, issued an executive order demanding a stepped-up approach towards privatization of core industries, including even the oil and gas sectors. The leader took this approach as a result of obstacles impeding economic growth including a lack of foreign investment, persistent unemployment and high inflation. This order requires an 80% divestiture in all state-owned enterprises by the government including banking, mining, transportation and heavy industry.
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