Iran's inflation creeps up
Iran's rate of inflation rose by 1.4 percent in the Iranian calendar month of Shahrivar (from August 22 to September 21) and reached 24.9 percent. The Central Bank of Iran has reported that inflation rate has been rising since the beginning of the current year, so that the rate was 21.8 percent in the first Iranian calendar month of Farvardin (from March 20 to April 19, 2012).
The intelligence unit of The Economist has predicted that the inflation rate in Iran will fall to 21 percent in the next Iranian calendar year (to begin on March 21, 2013) from 30 percent in the current year (to end March 20, 2013), ISNA reported.
Meanwhile, International Monetary Fund (IMF) says Iran will manage to bring its inflation rate lower and boost its economic growth in 2013 in the face of Western sanctions imposed on the country.
In its semi-annual World Economic Outlook report on October 9, the IMF predicted a trade surplus for Iran in 2012 and the following year and suggested the Western bans on Iran’s oil will not be able to stunt the Islamic Republic’s economy.
- In wake of failed coup, Turkey shuts down all Gulen-linked businesses
- Saudis, Jordanians top the list of Arab property buyers in Dubai
- Mandatory health insurance required for Dubai residents
- World Bank offers Jordan $1.4B over six years for Syria response
- Swiss Leaks revisited: Strong Egyptian presence in banking scandal