Seif: Economic growth rate pegged at 5%

Mashhad, Razavi Khorassan Prov, July 29, IRNA – Governor of the Central Bank of Iran (CBI) Valiollah Seif said on Thursday that Iran will experience an economic growth rate of five percent by the year end if its economic falls in right direction.

‘Falling in the right direction, economy of the country will gain dynamism and witness five percent growth by end of the year in light of cooperation among the banking system, the State Management and Planning Organization and the Ministry of Economic Affairs and Finance,’ said Seif in an address to a group of manufacturers and officials in Mashhad.

He said rate of inflation lowered to less than 10 percent and based on the latest statistics, it hit 9.2 percent in the month of Tir (June 21-July 21) during the Government of `Hope and Prudence.’

The top banker then put the liquidity growth rate at 30 percent and that of economic growth at three percent in 1393 (2014-15) after a two-year period of recession.

He said despite a strong shock of oil and economic sanctions in the past three years, Iranian market got relatively tranquil.