Iran’s president told the Iranian Parliament on Sunday December 7 that in the new Iranian calendar year, inflation will drop below 20 percent.

IRNA reports that upon presenting his government’s New Year Budget, President Rohani reminded Parliament that last November, people were faced with 40 percent inflation, and achieving 35 percent by the end of last year and 25 percent by the end of the current year appeared “too ambitious”.

Rohani provided Parliament with an economic snapshot from the time his administration took over, saying the shrinking economy had weakened production, the restructuring of government subsidies had reached a dead end, and the export of non-petroleum products was in decline.

He added that his administration regards controlling the money supply and controlling inflation as the chief way of addressing economic problems.

Hassan Rohani stressed that while controlling inflation has been his government`s priority, its next project is to pull the country out of the economic downturn.