Central Bank of Iran saves $6.5 billion in 5 years
Azerbaijan, Baku, Aug.7/ Trend R.Zamanov
The Central Bank of Iran managed to save $6.5 billion dollars during the past 5 years by changing the currency basket, the head of CBI said on Wednesday.
"The mentioned amount was transferred to the government," the Tasnim News Agency quoted Mahmoud Bahmani as saying.
"When I took the office 5 years ago I bought 900 tons of gold which was unprecedented," he said, adding that the gold price increase proved his decision was right.
"During my period the price of USD suddenly jumped to 36,000 rials from the previous figure of 11,500 rials but I managed to keep the inflation rate at 30.5 percent," he added.
"It is while in the past with a 45-percent increase in the price of USD the country's inflation had soared to 50 percent," he said.
"I managed to decrease the inflation rate from 27.5 per cent to 8.9 percent, but later on the sanctions and the subsidies reform plan increased the inflation rate," Bahmani stated.