IMF: Iran’s inflation could reach 40% this year as economy shrinks further
|In its latest report, Jihad Azour, Director of the International Monetary Fund’s (IMF) the Middle East and Central Asia Department, Iran’s economy is expected to shrink for the second straight year and inflation could reach 40% mainly in response to the US sanctions re-imposed against Iran’s oil sector.
Key Quotes:
“Clearly the re-imposition of sanctions and the removal of the waivers will have an additional negative impact on the Iranian economy both in terms of growth and in terms of inflation, where inflation could reach 40 percent or even more this year.”
As Reuters reports: “The Iranian Rial official rate is set at 42,000 rials to the U.S. dollar, but its market rate stood at around 144,000 against the U.S. dollar on Sunday.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.