Monetary Targets Demand Viability

A senior banker said economic and monetary authorities need to take into account the viability and practicality of their policies when setting economic targets.
“Setting and publicizing targets is not enough. What is and should be the key is the effort that goes into achieving it,” Kourosh Parvizian, head of the Association of Private Banks and Credit Institutions was quoted as saying by IBENA.  
Parvizian referred to the ambitious goal of the Central Bank of Iran when it set an inflation target in May 2020 at around 22% ± 2 for the period ending May 2021.
When the CBI announced the target with a high dose of misplaced self-confidence and said it was calculated on “realistic assumptions and scenarios”, it was soon rejected by economists and monetary experts as unrealistic and ambitious.