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No worries about economic sanctions: Central Bank of Iran chairman

TEHRAN, Aug. 25 (Mehr News Agency) - As of the second half of the current month Iran has started to take necessary measures to face possible future sanctions, noted here on Friday, Chairman of the Central Bank of Iran (CBI) Ebrahim Sheibani.

The official made the comment in response to a question raised by the Mehr News Agency correspondent that whether the nation had changed its foreign exchange (forex) basket to ward off the bad effects of the possible sanctions imposed by the big powers over the nation's controversial nuclear issue.

He also announced that the country's economic growth rate in the current year would hit over five percent adding that the figure was about 5.5 percent for the past year.

The CBI chairman declined to forecast the inflation rate for the yearend and said that he hoped the figure would remain at a reasonable rate. Inflation, however, reached 10.4 percent by late July, this year.

He referred to liquidity as the main cause of inflation and said, "we will try to prevent the increase in liquidity." Therefore, he added, in order to prevent the increase in liquidity, the government is planning to issue government bonds (participation bonds).

... Payvand News - 8/25/06 ... --

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