The parliament had passed the mentioned bill on “CBI responsibilities, goals, structure and duties” in an open session on May 16.

According to the Parliament Economic Committee, this bill is supposed to amend the country’s monetary and banking law approved in 1973; the bill is aimed at preserving the value of the national currency.

The bill is also going to make sure that the central bank would act more independently to be able to monitor and deal with irregularities that are relatively independent of the government.

Economy experts have called for parts of the mentioned bill to be amended, saying that if the reforms are not implemented, the bill will not be effective in reforming the legal structure of the country’s monetary and banking system.

The experts have stressed that the central bank must be independent, powerful, and accountable to be able to control inflation.

According to experts, the conditions of the country’s financial sector show that delaying the updating of monetary and banking laws is no longer permissible, and improving the productivity of the real productive sector depends on financial reforms; reforms that include a fundamental review of the legal capacity of the country’s financial sector.

They emphasize that in order to strengthen the authority of the CBI governor, his dismissal before the end of his term should be subject to the president’s consultation with non-executive members of the supreme board, and only allowed in case of proven negligence in performing duties.

Experts say that in the parliament’s bill, credit policy harms monetary policy in the sense that providing preferential credit facilities to certain banking institutions would undermine the independence of the monetary policy.

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Mohammad-Hassan Motevalizadeh said the increase in electricity prices will be done according to the government’s decree in recent years.

He said that based on the “power of Hope” program the electricity subscribers are categorized in three groups of high consuming, normal consuming and low consuming, adding that after the implementation of this program seven million low-consuming subscribers were subject to a 100-percent discount, and the number of the high consuming subscribers was decreased by six percent.

He said, “Since the start of this program in last August, the subscribers have had some good cooperation with us, and we hope that the hot season coming this cooperation will increase.”

Implementation of a program by the Iranian Energy Ministry for rewarding efficient electricity subscribers with a 100 percent discount on their bills, has reduced the number of high-consuming subscribers across the country by 6.1 percent.

According to TAVANIR, this program called “Power of Hope”, was aimed to change the attitudes of household consumers towards the proper use of energy resources and consequently protect the environment.

The Energy Ministry started the implementation of the mentioned program in mid-August 2020.

In late August 2020, Iranian Energy Minister Reza Ardakanian had announced that the Power of Hope program was expected to reduce the country’s electricity consumption by 10 percent.

“This program will be implemented to both reward low-consuming subscribers and to encourage others to consume less and it is expected to reduce power consumption by 10 percent,” Ardakanian said in a press conference on the occasion of the Government Week (August 23-29, 2020).

The minister noted that according to a cabinet decision, all the subscribers that cooperated well with the Energy Ministry’s consumption management programs this summer are to be awarded.

“To do so, home subscribers were divided into three categories, which include low-consumers, normal-consumers, and high-consumers,” he said.

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