...

Iran targets single-digit inflation, Presidential advisor says

Business Materials 15 November 2015 19:29 (UTC +04:00)
Advisor to President on Economic Affairs Masoud Nili said on Sunday that the government is pursuing policy targeting single-digit inflation.
Iran targets single-digit inflation, Presidential advisor says

Advisor to President on Economic Affairs Masoud Nili said on Sunday that the government is pursuing policy targeting single-digit inflation, IRNA reported.

He said that point-to-point inflation stood at 10.8 percent last month.

Nili said that during the second six months of the current Iranian year, 1394 (began on March 20, 2015), the government required the policy makers, the banks and enterprises to enforce the agenda of economic stability by targeting the single-digit inflation.

He made clear that the government implemented preemptive plans to stem inflation caused by the trouble created by the western sanctions on the financial institutes and the subsequent irregularities for the foreign trade.

'There are worries lest parallel with the termination of sanctions next year the economic situation of the country will be led to monetary expansionism,' he added.

Nili said that the Iranian economy is faced with very particular situation since it is quite unprecedented that parallel with decrease of demand the gross national income continues declining trend that began in 2011.

Nili said that surveying the 2011-2015 period reveals that the peak point was the year 2011, followed by the recession years of 2012 and 2013, while last year the 3% economic growth was experienced.

'Likewise, if we would gain a similar income to the year 2011 and the country would achieve a 4.5% economic growth by the year 2018 in that period we will experience similar economic situation of the year 2011.

It does not mean that up to the year 2018 we will experience economic recession as the economic growth needs to continue growing that year so that we will achieve the level of the beginning years of the 5th Economic Plan in 2011.

Latest

Latest