Four ministers of President Hassan Rouhani’s cabinet have sent a letter to him, warning of a recession which could take place in the capital market if economic policies taken by different bodies are not harmonized.
The ministers of finance and economic affairs; industry, mining, and trade; labor and social welfare; and defense wrote in the letter that uncoordinated policies and decisions may create a havoc in the capital market if a ‘prompt corrective and pre-emptive measure’ is not taken, Mehr news agency reported on October 4.
The Tehran Stock Market has experienced a considerable decline over the past year.
The four ministers have said that since January 2013 the capital market has lost 42 percent of its value, equaling 1800 trillion rials (about $51 billion).