The head of Iran’s Central Bank says the Rohani administration has succeeded in establishing economic stability, adding that in the coming year, inflation will be reduced to 15 percent. Valiollah Seif assured the public there will no longer be sudden fluctuations in the Iranian market.
A Central Bank report indicates that in October, inflation was 18.2 percent, a significant drop compared to same time last year when it was at 40.4 percent.
The Central Bank chief was quoted as saying that the actions of various government departments — especially the foreign ministry on the international level — have been instrumental in establishing order in monetary and financial activities.
The Fars News Agency quotes Seif saying that in the coming year, inflation will drop to 15 percent and in the year after that, the inflation rate will be a single-digit number.
The assurances from the Central Bank chief come after Iran’s nuclear talks were extended last week, which led the national currency to lose value against the dollar, triggering widespread concern about sharp fluctuations in the market and the stock exchange.
Restrictive sanctions that keep the Iranian government from claiming its foreign currency assets in countries such as Turkey, China, India, Japan and South Korea have made the foreign currency market in Iran highly volatile. The recent fall in oil prices appears to be exacerbating the situation.