BAKU, Azerbaijan, Aug. 24
By Elnur Baghishov – Trend:
The inflation rate in Iran will fall by 50 percent in 2 years (from March 21, 2023, through March 20, 2024), said Reza Fatemi Amin, who has been nominated by Iranian President to Minister of Industry, Mine and Trade of Iran, Trend reports citing Iranian parliament’s official website.
He made the remark in his speech in the Iranian parliament.
According to Fatemi Amin, significant programs have been made in this regard.
“In the next stage, steps will be taken to keep inflation in single digits,” he said.
Liquidity and its increase have a direct impact on inflation in Iran. Over the past four years, the inflation rate in Iran amounted to more than 25 percent. This indicates a sharp decline in the purchasing power of the Iranian population.
In addition, due to lack of demand, the manufacturing enterprises in Iran have either suspended operations or are operating incompletely, Fatemi Amin added.
As reported, the inflation rate in Iran increased by 43.2 percent in the 5th month of the current Iranian year (July 23 through August 22, 2021), compared to the same month last Iranian year.
The official stressed that in order to strengthen Iran's economy, economic ties with neighboring countries and other countries must be strengthened.
Fatemi Amin said that to create stability in the Iranian economy and strengthen it, it is necessary to add $5 billion to the foreign exchange market. Raw materials, equipment and spare parts will be imported at the expense of these funds.
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