Iran’s Economic Indicators Improve beyond Predictions: CBI Governor

Speaking in a meeting with the Director of the Middle East and Central Asia Department at the International Monetary Fund Jihad Azour on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Morocco on Saturday, Mohammad Reza Farzin said that Iran has taken giant strides, especially in the recent years, in the field of curbing inflation and increasing the value of currency unit ‘rials’.

By adopting the appropriate monetary policies such as simultaneous restriction of the balance sheet of banks and the government borrowing from the central bank coupled with increasing revenues helped by selling oil, the indicator of the liquidity growth and inflation has been controlled, Iran’s top banker added.

Turning to a 6.2-percent increase in Iran’s economic growth in the first quarter of the current Iranian calendar year (March 21 to June 22, 2023), he said that the Consumers’ Price Index (CPI) and Producers’ Price Index (PPI) have been reduced to 15 and about 34 percent respectively.

The situation of economic growth and inflation control in the country is promising given the available indicators, Farzin emphasized.

The director of the Middle East and Central Asia Department at the International Monetary Fund, for his part, pointed to the improvement of Iran’s economic indicators in recent years and positive mechanism of supportive programs for the vulnerable strata of society and said Iran’s economic programs have improved despite the challenges.

On Friday, Iran’s top banker met and held talks with the CEOs of IMF and WB and also a number of governors of the central banks of the regional countries and BRICS group of emerging economies to discuss bilateral ties and increasing monetary and banking cooperation.

The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) kicked off in Morocco on October 9 and will run through October 15.