Iran's inflation cut by half to 10.8 percent

[joeblow]

Iran's inflation cut by half to 10.8 percent
Sun, 04 Apr 2010 14:02:38 GMT

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Chief of Iran's Central Bank Mohammad Bahmani

Iran's Central Bank (CBI) reports the country's inflation rate in the past Iranian year, ending March 2010, has plummeted by more than half to 10.8 percent.

According to the report released Sunday, Iran's inflation rate for the previous year, ending in March 2009, was 24.5 percent.

CBI chief Mohammad Bahmani said earlier in February that the government is curbing the price hikes by controlling liquidity in the financial market.

Meanwhile, Iran's Finance Minister Shamseddin Hosseini also reiterated in February that the CBI plan to reduce the inflation rate would continue in the new Iranian year until the inflation reaches a single digit rate.

He said that exercising financial discipline is a must for the government to reduce the inflation.

President Mahmoud Ahmadinejad's economic policies came under heavy criticism during his first term over increasing financial liquidity, which was blamed for triggering a rising inflation rate.

MVZ/MB