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Iranian civil service salaries to increase 18 per cent despite 40 per cent inflation rate

Iran Materials 9 December 2013 13:04 (UTC +04:00)

Azerbaijan, Dec.9

By Fatih Karimov - Trend:

Iran will increase the salaries of civil servants by 18 per cent in the next Iranian calendar year which begins on March 21, 2014, the Mehr News Agency quoted the Iranian president's Deputy for Planning Mohammad-Baqer Nobakht as saying on December 9.

Salaries of civil servants should be increased proportionate to the inflation rate, he added.

The minimum wage of civil servants is currently around 4.87 million rials which is about $196 based on the official exchange rate of 24,850 rials.

According to Iranian labour law, next year's minimum salary should increase by 1.95 million rials proportionate to the inflation rate of 40 per cent.

The Central Bank of Iran has announced that the inflation rate for the 12-month period ending on the last day of the eighth calendar month of Aban (October 23 - November 22) hit 40 per cent.

The figure shows a 0.4 per cent decrease compared to the previous month, the IRIB News Agency reported.

Iranian President Hassan Rouhani said on November 26 that his government plans to reduce the inflation rate to below 25 per cent by the end of Iranian calendar year 1393 (March 20, 2015).

"The inflation rate is projected to be 35 per cent at the end of the current Iranian calendar year (March 20, 2014)," IRNA quoted Rouhani as saying.

The Iranian Economy Ministry has issued a report stating different indices of the national economy during the first 100 days of the current President Hassan Rouhani's term have been mentioned, ISNA reported on December 4.

It provided details about the national economy before the administration of President Rouhani took office in August.

According to the report, the national economy contracted 5.8 per cent in the past Iranian calendar year 1391, ended March 20, 2013.

The country's business freedom index stood at 168 in the world. The inflation rate was 40 per cent and the number of jobless people was 5.3 million.

The administration's debt to the banking system surged fivefold during 2005-2012.

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