BAKU, Azerbaijan, Nov. 16
By Elnur Baghishov – Trend:
One of the main economic problems in Iran is inflation, at present, Iranian expert on economic issues Ali Akbar Nikoo Eghbal told Trend.
The expert added that as inflation rate in Iran is between 30-40 percent, it is very difficult to put forward any solution to fight this.
Eghbal noted that due to high inflation rate, it is not possible to solve the problem by increasing the bank interest rates and stock exchange activities.
“There has been no significant improvement in Iran's economic performance in recent decades. While in recent years, Iran's economy has generally been in negative balance,” he said.
The expert also said that Iran's annual revenues (including oil revenues) amounted to $100 billion during before the US sanctions. However, oil sales are currently below $10 billion per year.
Eghbal stressed that in addition to these problems, it is necessary to take into account the US sanctions against Iran.
According to the report of Statistical Center of Iran, the inflation rate in Iran reached 41.4 percent in the 7th month of current Iranian year (from September 22 through October 21).
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals.