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Inflation rate to decline this year: Central Bank of Iran chief

TEHRAN, May 28 (Mehr News Agency) -- Inflation is expected to take a downturn throughout the Iranian calendar year (ends March 20, 2007) and the nation's foreign reserves are anticipated to rise from the current $8.7 billion to $14.5 billion by the end of the year, the governor of the Central Bank of Iran (CBI) said here on Sunday.

Ebrahim Sheibani also predicted that the national currency's value against the U.S. dollar would rise over the course of the year.

Moreover, the foreign debt decreased by 7.4% last year, he added.

"Managing growing financial resources in the correct way is the driving force behind growth and is a condition for economic security," he said in conclusion.

... Payvand News - 5/29/06 ... --

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