CBI: Economy Regaining Ground After 2 Years

Date: 12 February 2020 - 22:23

News ID: ۷۶۰۸۰

TEHRAN (Dispatches) - Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati has announced that his country’s economy is refurbishing after 2 years of stagnation imposed by U.S. sanctions, adding that Tehran has been successful in devising way around the difficult situation.
In a social media post, Hemmati dismissed claims that the Iranian economy could fall deeper into recession over renewed tensions with the U.S. and said that major economic indicators showed the opposite. The chief banker reassured that the economy is emerging from a recession that began nearly two years ago when the United States imposed its unilateral sanctions on Tehran.
Hemmati has previously cited reports by the CBI and the Statistical Center of Iran suggesting that the economy had started to grow regardless of the share of oil revenues in government budgets.
"Based on the CBI data, important macroeconomic indicators including the growth of the non-oil sector of the economy, inflation and other variables, all point to a relative stability ... and the economy emerging from recession,” he wrote on Instagram.
The chief banker also said that rampant inflation that caused a major slowdown in the economy after Washington imposed its sanctions in November 2018 had been brought under control.
The comments came as the Iranian currency continued to dip against other major currencies on Tuesday with each US dollar traded at 140,000 rials in the unofficial market in Tehran.
A new plunge for the rial began following renewed tensions between Iran and the United States in early January and after US President Donald Trump ordered the assassination of an Iranian military commander in Iraq.
The rial then regained some of its losses when Iran launched missile attacks on U.S. military bases in the Arab country. However, speculative trade in the market and a new round of U.S. sanctions on Tehran have caused the currency to hit yearly lows.