Iran may abandon inflation curbing policy

Business Materials 11 August 2017 13:13 (UTC +04:00)

Baku, Azerbaijan, Aug. 11

By Emil Ilgar – Trend:

Iranian government may abandon the inflation curbing policies to stimulate the economic growth, presidential advisor and Secretary of the Supreme Council on Free Zones, Akbar Torkan said during a live program on state-run IRIB TV.

He said that economy requires a change in monetary policy from contractionary to expansionary.

During the first term of Hassan Rouhani’s presidency (2013-2017), the country succeeded in bringing the inflation rate down from above 37 percent to a single-digit number, but the figure increased again to 10.3 percent in the last month of Iran’s fiscal year (June 22-July 22).

Iran’s GDP growth also reached 6.8 percent last fiscal year, ended on March 20. The figure was negative 6.6 percent in 2012, during the last year of Mahmoud Ahmadinejad’s presidency.

The inauguration ceremony of Hassan Rouhani took place on Aug 5, as Iranians re-elected him as President in the country’s Presidential election in May, 2017.

He presented the list of 17 nominees for the ministerial positions in his new Cabinet for the second term of presidency to the Parliament on Aug. 8.

Rouhani’s proposed new Economy minister is Masoud Karbasian, who is expected to replace Ali Tayyebnia.