Iran central bank draws up road map

Business Materials 13 December 2016 15:45 (UTC +04:00)

Baku, Azerbaijan, Dec. 13

By Khalid Kazimov – Trend:

Governor of the Central Bank of Iran (CBI) Valiollah Seif has said that his organization has drawn up a roadmap designed to improve the situation of the country’s financial and monetary systems.

Seif has said that price stability and beating inflation, building a more durable and stable financial system, as well as bringing down of the range of currency fluctuations are among the main objectives of the CBI, the official website of the CBI reported.

Earlier this month, President Hassan Rouhani through his proposed draft budget plan, forecast that the country’s economic growth over the next Iranian calendar year (starting March 21, 2017) will amount to 7.7 percent with an inflation of 7.6 percent.

In the meantime, the value of foreign currencies against Iran’s national currency, rial, has significantly increased in the country’s free market.

When Rouhani took office in 2013 the inflation rate was somewhere above 30 percent, which over the current year dropped to single digits (9.5 percent) for the first time in a quarter century.

However, a group of Iranian experts believe that the country’s current single digit inflation rate will again be at two-digit level, surpassing 10 percent over the next year.