• Head of Central Bank (CBI), AbdolNasser Hemmati
    Head of Central Bank (CBI), AbdolNasser Hemmati

The Head of the Central Bank of Iran (CBI) AbdolNasser Hemmati, has emphasized that the Central Bank has drawn up a plan to control and channel liquidity, and to slow down rising inflation and then to gradually reduce it step-by-step.

Iran Press/ Iran news: The head of the Central Bank of Iran (CBI) AbdolNasser Hemmati, speaking on Friday emphasized that in order to implement the plan, CBI needs the full support of the three branches of the Iranian government, the executive, legislative and judiciary branches.

According to an Iran Press report, Hemmati stressed that without government support, and without the support of the judiciary and the Majlis (parliament) it would be difficult to implement the fiscal and monetary policies of the Central Bank.

The head of the CBI added: "We have drawn up a plan with the help of economists, academics and experts, to control liquidity and to rein-in inflation. We have to first of all slow down rising inflation, and then to reduce it gradually, in stages. Our plan also involves reform of Iran's banking system, prioritizing the reforms, and carrying them out in stages. Our banks should become the driving engine for job creation and for boosting the manufacturing sector."   

Hemmati added: "We will overcome the problems faced by Iran's economy, so long as the three branches of the government work closely with us and support our policies." 

This comes as Iran battens down for the arrival of second round of US sanctions after US President Donald Trump’s withdrawal from an international nuclear deal with the Islamic Republic.

The first group of unilateral US sanctions on Iran’s automotive sector, gold trade, and other industries entered into effect on August. Further sanctions on oil and transactions with the Central Bank of Iran will come into effect November 6.

 

Read More: 

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Central Bank of Iran (CBI) given new powers to issue foreign exchange bonds

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Oct 13, 2018 07:56 Asia/Tehran
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