Middle East Economic Survey

VOL. XLVIII

No 47

21-November-2005

IRAN

Iran Rules In Favor Of Foreign Loans

Irans Expediency Council (EC) on 12 November said the country could use foreign loans, thereby overruling an earlier decision by the Guardian Council (GC) to ban such loans because they were against the principles of Islamic law. The Iranian parliament earlier this year passed legislation which allowed international financing, but the GC disagreed with parliament and ruled that loans from...