Govt. Spox: Iran’s Economy Most Stable of Its Kind

Addressing  a press conference, Nobakht said, “Iran’s economy is the most stable of its kind in the oil rich states; such statistics have not come about automatically, rather they are the result of planning.”

He said the oil rich states of the region which have not tolerated even a period of sanctions, are now forced to borrow foreign exchange due to harsh oil price decline.

He added that Saudi Arabia had to borrow more than 67 billion dollars from the foreign exchange market and had to change the subsidies and salary of its employees by 15 percent but under such conditions, economic indices of Iran are well managed.

The official said Iran’s economic indices are functioning well.

One more economic jitter is inflation, said Nobakht, adding that inflation rate follows downward trend. “Economic growth was minus seven percent in 1392 (2013-14), but is now over 4.4. percent and a relative stability governs the forex market.”