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Large cash injection has pushed up prices: Iran's Parliament Speaker

Source: Tehran Times

Majlis Speaker Ali Larijani has said that large cash injection over the past seven years is the cause of the sharp rise in the prices of goods and services.

Related Report: Iran's inflation rate rises to 21.8 percent

"The rise in prices is a problem which is related to the amount of cash supply in the country, which has increased from 650,000 billion rials to 3,500,000 billion rials (US$1 is about 18,000 rials) over the past seven years," Larijani said during a press conference on Tuesday.

He also said, "We are afflicted by sensitive phenomena of recession and rise in prices, which could be resolved through making efforts to boost production."

If money had been injected to the production sector, inflation could have been controlled, he added.

Elsewhere in his remarks, Larijani said that the administration and the parliament will hold consultations to help resolve issues of inflation and rise in prices and expressed hope that efforts would be focused on channeling resources into the production sector.

... Payvand News - 05/23/12 ... --

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