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CBI chief: Iran’s economic growth rate highest in West Asia

Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin

The governor of the Central Bank of Iran says the Islamic Republic’s economic growth rate is the highest among other countries in West Asia.

Speaking at the Bank of Russia’s Financial Congress in the Russian port city of St. Petersburg on Thursday, Mohammad Reza Farzin said Iran registered a five-percent economic growth rate in 2023, which is higher than many countries, including neighboring and regional states.

He stressed that the figure puts Iran among the 10 countries in the world with the highest economic growth rate.

The Iranian central banker further noted that Iran managed to lower inflation by more than two-fold last year, reducing it from 59% to 23%.

Farzin underlined that Iran is closely observing the international anti-money laundering law.

He also called for the creation of an intergovernmental organization within the framework of the BRICS bloc of emerging economies, similar to the Financial Action Task Force (FATF), to combat money laundering.

Farzin proposed that the BRICS group of economies create an alternative payment system to the SWIFT financial-messaging service. 

Furthermore, Iran’s central bank governor called for more financial cooperation with Russia.

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