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Iran's Minister of Economy rejects printing money to finance gov't operations

Business Materials 5 April 2021 14:58 (UTC +04:00)
Iran's Minister of Economy rejects printing money to finance gov't operations

TEHRAN, Iran, April. 5

Trend:

The Minister of Economy and Finance of Iran said the government has not borrowed a penny from the Central Bank to implement the budget law of the last Iranian year (ended on March 21).

“According to Note 4 of the last Iranian year's budget law (ended on March 21), the National Development Fund had obligations, but it could not transfer the foreign currency reserves of the country from abroad to be traded, so the CBI collected the foreign currency from the market to pay its obligations,” the Minister of Economy, Farhad Dejpasand said, Trend reports citing IRNA.

He rejected the reports on the government's borrowing from the central bank or printing money to finance government operations.

In early February, Abdolnaser Hemmati, who was speaking at a meeting of economic managers, said the government needs to finance the payment of cash handouts to 60 million people every month and it has to print money.

Hemmati had said in January that he resists pressures to print more money because he is responsible for the valuation of the national currency.

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