Iran eyes one-digit inflation by March 2016

TEHRAN August 12 (Shana)–Iranian President Hassan Rouhani said his administration is making every effort to slash inflation rate to less than 10 percent annually by March 2016.

 Elaborating on the administration’s initiatives to cut inflation in Iran on Tuesday, Rouhani said his administration has managed to cut the inflation by 31 percent to 14 percent from 40 percent under his predecessor Mahmoud Ahmadinejad.

“Plans have been devised to lower inflation rate to less than 25 percent by the end of the current calendar year in the country,” he said, adding that his administration was poised to various political and economic restrictions at the start of its work last August when he took office.  

He said Iran’s economic growth rate was raised from -.6.8 percent o -1.1 percent in a year under his administration.

Rouhani said the economic repression Iran went through in 2012 and 2013 was unprecedented in the history of the country at least since 1959. 

“Last year our economic growth was as low as minus 1.1 percent with an inflation rate of more than 30 percent,” the President added. 

He underlined the country’s wealth of petro-income during the previous administration which was mostly squandered under Ahmadinejad. 

He further said that the country’s month-on-month inflation has been reported to stand at 1.14 percent while the rate was 5 percent last year. 

“We had promised to cut the year-on-year inflation rate to 35 percent which we brought to 34 percent,” said the President.

By SHANA

 

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