Top Banker:

Iran Inflation Down 17%, Economic Growth Likely 8%

Date: 16 January 2022 - 21:44

News ID: ۹۸۹۴۸

TEHRAN - The Central Bank of Iran (CBI) governor Ali Saleh-Abadi on Sunday said the country’s point-to-point inflation has witnessed a downward trend during the four months to late Dec., standing 17 percent lower in comparison to August.
Saleh-Abadi said the reduction of inflation rate shows that the inflation has continued to decrease and the pace of price hikes has slowed.
The CBI chief said the new government has drawn up next year’s budget – including currency rates, oil sales and prices, and expenditures – in a way to prevent deficit that is a main factor behind the rise in inflation.
He expressed hope that the inflation would keep reducing in the future and the country would witness an eight percent economic growth in the coming Iranian year (late March 2022).
The CBI chief said, “The country’s oil and non-oil exports have considerably increased,” adding that the economic growth in the first six months of the Iranian calendar year (staring March 21, 2021) rose to 3.3 percent.
The figures indicate, Saleh-Abadi continued, the country’s economic conditions are improving, but the growth in the economic sector is still far from what the government is seeking.

‘Oil Sales Rise Sharply’

The Iranian minister of petroleum hailed a dramatic rise in the country’s sale of oil products in the past 10 months, predicting that 1.2 million barrels per day of oil would be sold in the next Iranian year.
The Iranian government’s website quoted Javad Owji as saying that the sales of crude oil, gas condensates and petrochemical products as well as the gas exports have experienced a significant growth during from March 2021 to January 2022.
Foreign exchange incomes generated by the export of oil, gas condensates, petrochemical products and natural gas have experienced a dramatic increase during the first 10 months of the current Iranian year, he noted.
The minister also hoped for the production and sale of 1,200,000 barrels per day of oil in the next year, which will begin on March 21.
A report given to the Iranian Administration’s Economic Coordination Headquarters in December 2021 indicated that the country’s incomes from the export of oil and non-oil products have risen in recent months, while the monthly inflation rate has declined.
Earlier in November, the CBI chief Ali Salehabadi said the process of repatriation of foreign currency earned from the export of Iranian commodities has improved, resulting in relative stability in the currency market.
The top banker said the currency generated from the exports of oil, natural gas and gas condensates was also being supplied to the domestic market.