Central Bank of Iran takes control over temporary inflation rise

TEHRAN, Iran, Aug. 29

Trend:

The Central Bank of Iran has taken under control the temporary increase of inflation rate, which was visible in early months of the current Iranian year (started March 20,2020) due to the coronavirus outbreak, said the Governor of Central Bank of Iran Abodlnasser Hemmati, Trend reports via IRNA.

"The Central Bank will continue to work on reaching the target inflation rate," said Hemmati.

"The increase of inflation in recent months was temporary and was caused by the US efforts to destabilize monetary and foreign currency markets in Iran, and this strategy has failed," said Hemmati.

"The Central Bank of Iran is supplying the foreign currency needs for local importers through the NIMA system and despite the decline of government oil sale revenues, it has tried to provide foreign currency for importing necessary goods and basic materials," he said.

"The priority of the CBI is to keep stability and prevent fluctuations triggered by speculations" Hemmati said.

He also said the CBI will implement necessary action in monetary and foreign currency markets.