JCPOA revival won’t turn Iran into economic paradise: Businessman
A senior Iranian businessman has warned against too much optimism in the country about a revival of a 2015 nuclear deal between Iran and world powers, known as JCPOA, saying the Iranian economy would be worst off if it is again tied to oil exports under a revived nuclear deal.
Bahman Eshghi, who serves as secretary general of Tehran chamber of commerce, criticized those in Iran who are banging on about a return of the United States to the JCPOA two years after it pulled out of the agreement and restored its sanctions on Tehran.
“Some believe that ... a full implementation of the Joint Comprehensive Plan of Action would turn Iran into a paradise, but this won’t happen and this way of thinking is wrong,” Eshghi said in comments covered by IRIB News on Sunday.
He said that JCPOA’s revival may briefly strengthen the Iranian rial against major currencies but it won’t help the country overcome its foreign currency problems in the long-run as boosted oil revenues would harm the balance between supply and demand for currency.
The businessman, who is active in construction and transport sector, said that resumption of oil exports to levels near 3 million barrels per day (bpd) under a resuscitated JCPOA would only cement government’s control on the Iranian economy and would lead to more waste of public money in state-run companies and institutions.
“Even if that amount of crude is sold it wouldn’t have any special impact (on the economy) as our neighbor Iraq is currently selling 5 million bpd but look where it stands now,” said Eshghi.
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