Iran hopeful about lower inflation rate

As the nuclear negotiations advance between Iran and the world powers, the officials of the Islamic republic are hopeful about reducing the inflation rate of the country in the coming months, local media reported on Saturday. If we succeed in continuing the current trend of economic progress, the inflation rate will certainly reach below 15 percent by the end of the next Iranian calendar year ending on March 20, 2015, Iran's Finance and Economic Affairs Minister, Ali Tayyebnia said. During the past years, international sanctions reduced the country's oil and petrochemical revenues, Tayyebnia said, adding that it caused an imbalance in the government's budget. Hence, the country became more and more dependent on foreigners and these factors put the national economy in a serious danger, Tayyebnia was quoted as saying by Tehran Times daily. On March 1, the Statistical Center of Iran announced that the inflation rate for the eleventh Iranian calendar month, which ended on February 19, hit 33.7 percent, a 1.3 percent decline compared to the previous month. Taking office in August 2013, Rouhani inherited an economy in recession, with the official inflation rate of over 40, as the international sanctions against Iran weakened its currency and accelerated its inflation. The new president pledged to reinvigorate Iran's economy by improving its relations with foreign countries and resolving the disputes over its nuclear program.