Shut out of international capital markets and facing a further hit to its financ...
DUBAI - Shut out of international capital markets and facing a further hit to its finances with the collapse in oil prices coming on top of U.S. sanctions, Iran is struggling to shield its economy from the coronavirus pandemic.
To mitigate some of the economic pressure, Iran has delayed business taxes and loan repayments until May and said about 3 million lower-income families without permanent jobs would get handouts of up to six million rials in four stages. “Debt servicing costs will go up because of the high yields local bond investors ask for in light of the high inflation expectations,” said Niels de Hoog, economist at credit insurer Atradius.
Saeed Leylaz, an economist based in Iran, said the country may face national poverty but the economy was far from collapse.
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