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Iran expects ‘greatest economic growth rate in region’

Business Materials 14 February 2016 18:22 (UTC +04:00)

Tehran, Iran, February 14

By Mehdi Sepahvand - Trend:

In the coming year Iran will quit economic downturn and witness an unprecedented growth, Iranian Economy Minister Ali Tayyebnia said.

He said during the next Iranian fiscal year (to begin March 20), Iran's economic growth will be the highest among regional countries, IRIB news agency reported February 14.

Iran's economy in 2016 and 2017 is expected to grow by 4.8 percent and 5.4 percent, respectively, the UN said in its "World Economic Situation and Prospects 2016" report published Jan. 25.

The report forecasted that the country's inflation in the mentioned period will fall to 11.8 percent in 2016 and 10.5 in 2017 which was estimated 13.4 for 2015.

"This year we fixed inflation rate. We had no major oscillation in the gold and currency markets either," he stated.

Before President Hassan Rouhani took office in 2013, inflation was over 40 percent.

Elsewhere in his speech, Tayyebnia said the government plans to issue worth 400 trillion rials (about $13.2 billion for each USD making 31,175 rials) bonds next year.

He went on to say that in the current year the Capital Market was responsible for 800 trillion rials of the country's financing, while it had been trillion rials last year.

Iran plans to register an economic growth of 8 percent according to a five year plan that will begin in March 2017.

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