Bright future awaiting Iran economy: CBI chief

EghtesadOnline: Governor of the Central Bank of Iran (CBI) Valiollah Seif has predicted a bright future for the country’s economy.

News ID: ۷۴۰۴۴۴

18 March 2017

Promising signals are emerging in the perspective of Iran’s economy, Seif said through a post on his Telegram channel on Friday.

Pointing to the single-digit rate of inflation in the current Iranian calendar year that will end on March 20, 2017, Seif underlined that the event has occurred in the country after 25 years, IRNA reported.

Touching upon Iran's Gross National Product (GNP) growth rate, the CBI chief said it exceeded 11.6 percent during the past nine months of the outgoing Iranian year months (March 20-Dec 20, 2016). Seif stressed that the figure was a record in the past decade.

A study over Iran’s economic growth indicates that the country enjoys a progressing economy, said the CBI chief.

Since the landmark nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) was signed in July 2015 between Iran and six major world powers (US, Britain, Russia, France and China plus Germany), Iran has started reclaiming its absolute right from the global oil markets, noted the senior financial official.

However, he stressed, improvement of Iran’s economic growth is not confined only to the oil sector and has spread to the non-oil areas as well as is confirmed by explicit mounting increase in activities of the non-oil sector.

“Our duty is to preserve the major success achieved in the field of non-oil activities and promote it in line with the policies of the Economy of Resistance,” the official concluded.

The Economy of Resistance is a strategy introduced by Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei to end Iran’s dependence on other countries and held it reach self-sufficiency in the field of economic activities to avoid the pre-JCPOA economic sanctions.