IRI president vows to slash inflation to single-digit rate

Photo: IRI president vows to slash inflation to single-digit rate / Iran

Iranian President Hassan Rouhani said Wednesday that government will continue to reduce inflation until single-digit rate is achieved, IRNA reported.

Rouhani, who is on a visit to northwestern province of Ardebil, made the remarks in a meeting with economic activists of the province.

Referring to the problems, such as high inflation and recession facing the government since he took office a year ago, Rouhani described how his government had managed to create a much needed transparency in the national economy for investors and economic activist.

He put Iranˈs annual point-to-point inflation rate at 14 percent.

The president said the government has more than fulfilled its promises about bringing down the inflation rate.

ˈLast year, we promised to reduce inflation rate to 35 percent from more than 40 percent and it was done,ˈ Rouhani said.

Rouhani said that after consultations with experts, the government said it would reduce inflation rate to 35 percent. However, he added that the government did more and brought inflation rate lower to 34 percent.

ˈAnd this year we promised to slash the inflation rate to 25 percent by the year-end and I announced this morning that inflation rate will be reduced to less than 20 percent this year,ˈ Rouhani said.

ˈI want to underline that the government is committed to its promises to bring inflation under controlˈ

He vowed to do his best to bring about single-digit inflation rate by March 2017.

Follow us on Twitter @TRENDNewsAgency