Iran’s H1 economic growth hits 5.8%: CBI
The growth rate of Iran’s economy in the first six months of 2023 reached an average of 5.8 percent, while the investment growth in 2022 hit 6.7 percent, announced the governor-general of the Central Bank of Iran (CBI).
Mohammadreza Farzin announced the figures in the meeting of the heads of central banks and ministers of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, which was held Sunday in Morocco, with the inaugural speech of Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), cbi.ir reported.
Referring to the successes attained by the Iranian government in controlling inflation and economic growth in the last six months, he added the government and the CBI are committed to implementing economic stabilization policies.
The CBI governor noted that Iran’s economy has now achieved stability after enduring various impulses.
Farzin explained that in response to external impulses, the Iranian government and the CBI have implemented a policy package including a set of balanced policies for economic stabilization.
One of the current fundamental issues of Iran’s economy is inflation, said the top bank official, the control of which along with supporting vulnerable families are some of the basic goals of the balanced stabilization policy.
Iran, Brazil banking cooperation
Meanwhile, top financial officials of Iran and Brazil met to exchange views about making use of the potential to develop bilateral trade ties and multilateral relations under the BRICS emerging economies’ mechanism.
The meeting was held on the sidelines of the 2023 annual meetings of the IMF in Morocco between Farzin and his Brazilian counterpart Roberto Campos Neto.
During the meeting, Farzin said the expansion of banking and trade relations between Tehran and Brasilia will benefit both countries in the present conditions.
Making use of the potential held by Iran and the BRICS emerging economies of Brazil, Russia, India, China, and South Africa will lead to an increase in banking ties among the mentioned states in a short time period, the CBI chief noted.
For his part, the Brazilian official stressed the importance of strengthening Brasilia-Tehran ties on various issues.
Roberto Neto proposed the use of the BRICS potential to establish a mechanism for promoting financial cooperation.
The Islamic Republic of Iran officially became a member of the BRICS bloc of emerging economies in August 2023.