Wait...
  1. Home >
  2. Export Import News >
  3. Economy News >
  4. Iran inflation could reach 40% this year as economy shrinks further: IMF >
  5. Iran inflation could reach 40% this year as economy shrinks further: IMF

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Iran inflation could reach 40% this year as economy shrinks further: IMF.


Date: 29-04-2019
Subject: Iran inflation could reach 40% this year as economy shrinks further: IMF
DUBAI: Iran's economy is expected to shrink for the second consecutive year and inflation could reach 40 percent, an International Monetary Fund senior official said, as the country copes with the impact of tighter sanctions imposed by the United States. 

Washington, which re-imposed sanctions against Iran's oil exports last November, this month demanded buyers of Iranian oil to stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers to continue importing limited volumes. 

Iran’s economy shrank by 3.9 percent last year, according to IMF estimates, and is expected to shrink by 6 percent in 2019, Jihad Azour, director of the IMF's Middle East and Central Asia department, told Reuters adding, however, that the projection preceded the latest elimination of waivers. 

"Clearly the re-imposition of sanctions and the removal of the waivers will have 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," he said. 

U.S. sanctions against Iran have denied its government more than $10 billion in oil revenue, a U.S. official said earlier this month. 

The Iranian currency, the rial, lost more than 60 percent last year, disrupting Iran’s foreign trade and boosting annual inflation. 

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, according to foreign exchange website Bonbast.com. 

Iran should work to eliminate the gap that currently exists between the market exchange rate and the official exchange rate, said Azour. 

"By aligning the market and official rates this will help tame and control inflation and will reduce pressure on the exchange rate." 

DUBAI: Iran's economy is expected to shrink for the second consecutive year and inflation could reach 40 percent, an International Monetary Fund senior official said, as the country copes with the impact of tighter sanctions imposed by the United States. 

Washington, which re-imposed sanctions against Iran's oil exports last November, this month demanded buyers of Iranian oil to stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers to continue importing limited volumes. 

Iran’s economy shrank by 3.9 percent last year, according to IMF estimates, and is expected to shrink by 6 percent in 2019, Jihad Azour, director of the IMF's Middle East and Central Asia department, told Reuters adding, however, that the projection preceded the latest elimination of waivers. 

"Clearly the re-imposition of sanctions and the removal of the waivers will have 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," he said. 

U.S. sanctions against Iran have denied its government more than $10 billion in oil revenue, a U.S. official said earlier this month. 

The Iranian currency, the rial, lost more than 60 percent last year, disrupting Iran’s foreign trade and boosting annual inflation. 

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, according to foreign exchange website Bonbast.com. 

Iran should work to eliminate the gap that currently exists between the market exchange rate and the official exchange rate, said Azour. 

"By aligning the market and official rates this will help tame and control inflation and will reduce pressure on the exchange rate." 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 11-11-2019
Notification No. 44/2019-Customs (ADD)
Seeks to amend notification No. 1/2017-Customs dated 5th January, 2017 to insert S. Nos. 48 to 52 in the duty table to finalize the assessment of exports of jute products by M/s. Roman Jute Mills Ltd. (Producer/Exporter) and M/s SMP International, LLC,USA (Exporter/ Trader), M/s Aziz Fibres Limited (Producer/Exporter), M/s Natore Jute Mills (producer), Bangladesh and M/s PNP Jute trading LLC (Exporter/Trader), USA.

Date: 11-11-2019
Notification No. 43/2019-Customs (ADD)
Seeks to rescind notification Nos. 24/2018- Customs (ADD) the dated 7th May, 2018, 41/2018- Customs (ADD) and 42/2018- Customs (ADD) dated 24th August, 2018 which had prescribed provisional assessment on export of jute products from Bangladesh by specified exporters.

Date: 08-11-2019
Notification No. 30/2015-2020
Amendment in Policy Condition No. 3 of Chapter 88 and incorporation of Policy Condition No. 3 in Chapter 95 of ITC (HS) 2017, Schedule-I (Import Policy)-regd.

Date: 08-11-2019
Public Notice No. 42/2015-2020
TRQ for import of 30,000 MT of Crude Soya Oil from Paraguay under India-Mercosur PTA .

Date: 07-11-2019
Notification No.81/2019 - Customs (N.T.)
Exchange Rates Notification No.81/2019-Custom (NT) dated 07.11.2019

Date: 07-11-2019
A.P. (DIR Series) Circular No.8
Exim Bank's Government of India supported Line of Credit of USD 30 million to the Government of the Republic of Ghana

Date: 06-11-2019
Notification No. 59/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 06-11-2019
Notification No. 60/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 06-11-2019
Notification No. 61/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 06-11-2019
Notification No. 62/2019-Customs (N.T./CAA/EXTENSION/DRI)
Appointment of CAA by DGRI - reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001