Economy, Business And Markets

Seif, Lagarde Meet

Seif, Lagarde MeetSeif, Lagarde Meet

Central Bank Governor Valiollah Seif highlighted Iran’s economic achievements in the year to March 20, 2014 (last fiscal year) at a meeting with Christine Lagarde, managing director of the International Monetary Fund, in Washington.

The Iranian government managed to induce economic growth, curb inflation and stabilize economic conditions thanks to applying sound policies, Banker news agency quoted him as saying.

Seif traveled to Washington last week to attend the IMF/Work Bank Group spring meetings, which hosted governors of member central banks and economy ministers on April 17-19.

The Iranian official said Tehran’s currency market is now steady and dealers are hope for a better future.

“Given the plunging oil prices, the government has warily drawn up its budget for the current year (started March 21) assuming the status quo will continue,” he said about the national budget, which many believe could face a deficit as the government is dealing with sanctions and falling oil prices.

Given the economic restrains, Seif predicted that Iran’s economy will grow by yearend at the same space as last fiscal year.

On oil sector, the CBI governor said, Iran as a member of the Organization of the Petroleum Exporting Countries (OPEC) plans to foster collaboration with other member countries and to boost oil production.

Lagarde said that the fund is ready to provide Iran with technical assistance to help the economy recover. To achieve the goal, Seif suggested that the IMF establish a regional training center (RTC) in Iran.

RTCs are centers created by the IMF to offer hands-on, policy-oriented training in macroeconomics, finance, and related operational fields for country officials. The focus of the IMF training allows for better tailoring of the particular needs of a region, closer coordination with other training providers, and enhanced ability to respond to emerging needs.