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The SCI declared on Monday that consumer inflation rate calculated on a point-to-point basis for the Persian calendar month ending on September 22. 2019. had declined to stand at 35 percent. down from 41.6 percent recorded in the previous month.
The falling trend in Iran’s point-to-point inflation rate has been seen as a sign that the economy is on the path to recovery after more than a year of losses caused by Washington’s withdrawal from a major international agreement on the country’s nuclear program.
The SCI said last month that point-to-point inflation rate for the month ending August 22 had been lower than the official year-on-year rate of 42.2 percent. a first in 16 months.
The government body had predicted that the declining trend would continue in the next months.
It added that the annual inflation rate for the period ending September 22. 2019 was 42.7 percent. up half a percentage point from the previous yearly figure recorded in late August.
The declining rates came as Iran`s national currency rial also rose against foreign currencies.
The rial was trading at 114.500 against the US dollar late on Monday. less than half a percent up from figures reported over the weekend.
Rial’s rebound and lower inflation rate comes despite a series of new sanctions imposed by the United States last week. which targeted the country’s central bank and its sovereign wealth fund and sought to heap more pressure on Iran over allegations that the country had been behind attacks on Saudi Arabia’s oil facilities in the middle of September.
On Saturday. Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the recent US move to re-impose sanctions against the CBI. which has been already sanctioned. proves that Washington is left with no leverage to pose further pressure against Tehran.
Hemmati said that re-imposing sanctions on the Central Bank of Iran indicates that US hands are empty and no other leverage is left for Washington.
If such measures were effective to impose cruel demands of the US administration. the economic conditions of the country would have been different now. he added.
The US administration has been driven to failure over the past year. and it shows that sanctions have become more ineffective than any time and Iranian economy has proved its tolerance against sanctions. Hemmati highlighted.
CBI`s success and stability in the market show that fortunately trade and financial transactions are being accomplished through ways which cannot be subject to the US sanctions. he noted.
Fortunately. we have passed the era of circumventing sanctions so that foreign trade can no longer be sanctioned. he stressed.
The US Department of the Treasury announced in a press release on Friday that its Office of Foreign Assets Control (OFAC) had taken action against the CBI. the National Development Fund of Iran (NDF). and Etemad Tejarate Pars Co. under its counterterrorism authority.
Addressing reporters at the White House on Friday. US President Donald Trump said the new sanctions represent the `highest sanctions ever imposed on a foreign country.
Iran sanctions architect under former President Barack Obama. Richard Nephew. derided the new embargos against Tehran. underlining that Washington is unable to increase its pressures against the Islamic Republic as the White House has already exhausted all of its options.
He ridiculed Trump’s claim for unprecedentedness of the sanctions. adding. “This is even odder. Did we designate the IRGC today? Oh wow. man. that would be a BIG step…if we hadn`t done it over a decade ago. And CBI too? Wow. I mean. if that wasn`t part of the FY12 NDAA.
Practically. I`m struggling to see how this meaningfully adds to the pressure already in place. Nephew wrote in a sarcastic tweet.
