IMF forecasts drop in Iran’s broad money growth

Baku, Azerbaijan, May 2

By Farhad Daneshvar – Trend:

The international Monetary Fund’s latest “Regional Outlook" for the Middle East and Central Asia projects the growth of Iran’s broad money at 22.3 percent and 16.2 percent in 2017 and 2018 respectively, marking a continued downward trajectory from 2016 when the figure was 29.5 percent.

Central Bank of Iran (CBI) earlier announced that the growth of broad money over the last fiscal year (starting March 20) equaled 23.2 percent.

According to the CBI, the volume of broad money was $391.5 billion (12.53 quadrillion rials) in the last Iranian year.

This is while, the volume of the country’s broad money in February reached $378.46 billion (12.11 quadrillion rials) including $330 billion (10.588 quadrillion rials) of near money.

According to the IMF report, Iran’s GDP growth will stand at 3.3 percent in 2017.