TEHRAN- The Director General of Monetary and Credit Operations of the Central Bank of Iran (CBI) stated: From January 8 to May 4, selected banks disbursed 1,076 trillion rials (about $6,329,411) in facilities across 25,548 cases to support producers affected by the government's new foreign currency policy.

According to IRNA reporting from the Central Bank, Mehdi Sahabi, referring to the banking network's performance exceeding the approved ceiling in granting support facilities to producers impacted by the government's new currency policy, said: This performance demonstrates the maximum cooperation of selected banks in implementing the industrial support package.

He stated that the Council of Ministers, in its meeting on January 7, approved the payment of these support facilities upon the proposal of the working group under Article 13 of the regulations for ensuring food security and improving people's livelihoods.

He further emphasized: Accordingly, the banks' quotas were determined in January, and the relevant implementation guidelines were communicated to 17 operating banks in February.

The Director General of Monetary and Credit Operations of the Central Bank concluded: Under the aforementioned guidelines, the relevant ministries submitted the list of eligible units to the Central Bank and the working group for forwarding to the operating banks.

Meanwhile, on May 16, the Governor of the Central Bank of Iran (CBI) identified controlling inflation as the main priority of monetary policymaking and said: All actions and programs of the Central Bank are carried out within the framework of this strategic goal.

According to IRNA reporting from the Central Bank, Abdolnaser Hemmati, emphasizing the control of the country's chronic inflation factors such as the monetization of the government's budget deficit due to the effects of war and the continuation of sanctions, stated: While supporting the stability of the government's financing system, the Central Bank pursues the necessary measures to minimize its inflationary effects.

The head of the Central Bank's Supreme Council stated: In the area of monetary policy, the Central Bank seriously pursues controlling and reducing the pace of liquidity growth to prevent the experience of high liquidity growth and the resulting inflation.

He added: This policy is doubly important especially in circumstances where the rial financing needs of the government have increased due to declining government revenues. Liquidity growth and the monetary base are under precise daily management, and liquidity absorption tools are employed to manage it.

Hemmati said: Preserving and rebuilding the production and supply chain is also on the Central Bank's agenda. Accordingly, in the current circumstances, preventing commodity shortages and preserving employment have gained higher priority. The banking supervision duty is also completely focused on this axis so that credit resources are effectively placed at the service of producers, exporters, and employment preservation without creating systemic risk.

MA