PMI Surges to All-Time High

The Purchasing Managers' Index for Iran’s overall economy stood at an all-time high of 56.79 in the 12th month of last Iranian year (Jan. 21-Feb. 19), new data released by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture show.
Based on the ICCIMA report, besides the seasonal hike experienced by the index at the end of the fiscal year (which is followed by a decline in the first month of the new Iranian year that coincides with the Norouz holidays from March 20 to April 2), companies witness a dramatic rise in sales amid high inflationary expectations and the extreme devaluation of the national currency, rial.
Fearing a further rise in prices and a drop in the value of national currency, companies moved to buy their raw materials and customers filled up their stocks in the final month of last Iranian year, which manifested in the record rise in the benchmark index.