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Iran's Parliament forecasts 21.7 percent inflation next year

Tehran, Feb 2, IRNA -- Majlis has forecast an inflation rate of 21.7 percent in the next Iranian year of 1382 (starting March 21), according to the Plan and Budget Research Department at Majlis Research Center.

The rate proposed for inflation next year varies with the Central Bank of Iran's (CBI) forecast of 15.4 percent.

Inflation is mainly caused in Iran by banking mismanagement, staggering loan and borrowings, mostly by the state organizations, government's domination of key economic sectors, indiscriminate allocation of subsidy both to the poor and the rich, and government's expansionary policies.

Inflation has been within the range of 12 to 16 percent in Iran over the past decade.

The strata, earning fixed income, including employees and workers, suffer the most from inflation.

Government has been trying to issue participation bonds to check the growth in liquidity and inflation and revise the credit allocation policies.

Majlis Plan and Budget Research Department also predicted 5.9 percent growth in production, 11 percent growth in investment, 11.7 percent growth in investment by the private sector, 5.8 percent growth in consumption, 13.9 percent growth in imports and five percent growth in exports.

The report also put at 1.1 percent in forex index, 28.9 percent growth in liquidity, 3.8 percent growth in consumption cost by the state sector and five percent growth in formation of fixed gross capital by government next year.

... Payvand News - 2/2/03 ... --

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