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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    IMF: Inflation in Iran could reach 40% as the economy shrinks

    Rocky
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    • Post n°1

    IMF: Inflation in Iran could reach 40% as the economy shrinks Empty IMF: Inflation in Iran could reach 40% as the economy shrinks

    Post by Rocky Mon 29 Apr 2019, 3:14 pm

     IMF: Inflation in Iran could reach 40% as the economy shrinks

    IMF: Inflation in Iran could reach 40% as the economy shrinks 14857
    Logo of the International Monetary Fund. "Reuters"
    IMF: Inflation in Iran could reach 40% as the economy shrinks Text  IMF: Inflation in Iran could reach 40% as the economy shrinks Html  IMF: Inflation in Iran could reach 40% as the economy shrinks Print
    IMF: Inflation in Iran could reach 40% as the economy shrinks Arrow Arab and international
    Economy News Baghdad
    Iran's economy is expected to contract for the second year in a row and inflation will hit 40 percent, a senior IMF official said.
    Washington re-imposed sanctions on Iranian oil exports last November and this month demanded Iranian oil buyers stop buying by May or face sanctions, ending six-month exemptions that allowed Iran to continue to export limited amounts to eight of its biggest customers.
    Iran's economy shrank by 3.9 percent last year, according to IMF estimates. "The economy is expected to shrink by 6 percent in 2019," said Jihad Azour, director of the Middle East and Central Asia Department of the IMF.
    "It is clear that re-imposing sanctions and revoking exemptions will have a more negative impact on Iran's economy in terms of growth and inflation, and inflation could reach 40 percent or even more this year," he said.
    A US official said this month that US sanctions against Iran had deprived the government of oil revenues of more than $ 10 billion.
    The Iranian currency lost more than 60 percent of its value last year, damaging foreign trade and raising annual inflation.
    The official exchange rate in Iran is 42,000 riyals against the dollar, but the market price is about 144,000 riyals against the dollar on Sunday, according to Bunbast.com.
    Azour said Iran should work to close the current gap between the market exchange rate and the official exchange rate.
    "Closing the gap between the market price and the official price will help curb inflation and reduce pressure on the exchange rate."
    The drop of the currency from levels close to about 43 thousand at the end of last year eroded the value of ordinary Iranian citizens' savings and panic and the desire to buy dollars.


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