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News number: 8711061479

16:12 | 2009-01-25

Economy

نسخه چاپي ارسال به دوستان

CBI Plans 4-Point Cut in Inflation Rate

TEHRAN (FNA)- Iran's Central Bank Chief Mahmoud Bahmani expressed optimism here on Sunday about a 4-point fall in the country's inflation rate within the next two months.



The Central Bank of Iran governor pointed to creating a balance between supply and demand for basic commodities as the bank's means for cutting inflation rate at least 4 points by the end of current Iranian calendar year (that ends on March 20).

"Given that plans were made to increase production and to supply goods proportionate to demand, the central bank believes inflation will return to 22 to 23 percent by the end of the year," Bahmani said.

According to CBI figures Iran's annual inflation rate decreased by 1.9 points to 26.4 percent in the twelve months ending in December.

The CBI's chief also said that his bank aims to retain the fall in inflation by keeping liquidity injections under tight control, adding that the injection of more liquidity into banks in the last month of the year would usually result in a rise in inflation rate.

Meanwhile Iran's commerce minister Masoud Mir-Kazemi ordered importers and manufacturers to slash prices amid falling global figures and threatened to penalize businesses which fail to comply.

"Violators including the representatives of foreign firms in Iran and domestic producers, will be fined if they do not balance prices and if the offence persists they will lose their business permits," he warned.

"Iran's trade is not 100 percent competitive and the high tariffs easily create a temporary monopoly," Mir-Kazemi was quoted as saying by Sarmayeh.

The minister said the Consumers and Producers Protection Bureau would oversee "the balancing of prices in the domestic market in proportion with global falls."