Iran has officially raised the cap on interest rates that banks in the country can charge weeks after media reports suggested the government is trying to use the monetary policy instrument to contain the rising inflation.
An open session of the Iranian Parliament (Majlis) on Sunday approved the outlines of the budget bill of the country for the next fiscal year to start on March 21.
Latest figures by the Statistical Center of Iran (SCI) show inflation in the country continued to rise in January to reach an annual rate of 46.3%.
The governor of the Central Bank of Iran reiterated that increasing interest rates is a compulsion.
Iranian Minister of Economic Affairs and Finance Ehsan Khandouzi said on Monday that the country plans to increase tax revenues by 50% in the fiscal 2023-24.
In a new report, the World Bank has forecast Iran’s economic growth to slow down in the years to come.
Iranian administrative government has submitted a bill to parliament that outlines details of a state budget for the calendar year 1402 starting in late March.
Central Bank of Iran (CBI) figures show manufacturing activity in the country rose by 6.6% in the two quarters to late September last year compared to the same period in 2021.
A significant part of the 50% rise in tax income owes to high inflation, which is expected to remain above 40%.
The average annualized inflation in the ninth month of the current Iranian year (Nov. 22-Dec. 21) stood at 45%, the Statistical Center of Iran announced in a new report released on Thursday.