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| ‘Central Bank of Iran will prioritize curbing inflation’ |
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.jpg) TEHRAN - Special attention must be paid to curbing runaway inflation, especially the rising price of consumer goods, in order to help reform the national economy, Central Bank of Iran Governor Valiollah Seif said on Saturday.
Regulating the volume of liquidity, adopting proper monetary policies to get the country out of recession, and continuous monitoring of banks are some of the ways to help reform the national economy, he added, ISNA reported.
Utilization of modern technologies in the banking system, revision of interest rates, and strict supervision of finance and credit institutions are other measures that can be taken to boost the national economy.
The low economic growth rate is currently the main challenge of the Iranian economy, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said last week.
Tayyebnia cited high unemployment as another serious concern.
The ministry will focus on improving the standard of living through curbing inflation and helping businesses flourish, he stated.
The International Monetary Fund has said the country's gross domestic product is forecast to shrink 1.3 percent this year after contracting 1.9 percent last year.
But the IMF also predicted GDP would resume expanding in 2014, at a pace of 1.1 percent. This suggests the economy will be able to find domestic sources of demand to at least partly compensate for its damaged export industries.
MG/HG
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