NO. 47


Financial and Banking News

Financial Policy

Rafsanjani Says Poor Will Not Suffer When Subsidies Are Abolished

The abolition of subsidies in Iran will be accompanied by higher wages anddirect subventions so as to prevent a decline in living standards, IranianPresident Hashemi Rafsanjani told the local Ettala`at newspaper on 5 August.The President, who is pushing hard to reduce the enormous budgetary outlays onsubsidies, said that, "our policy was usually to raise...