Financial Tribune - The Central Bank of Iran says based on “realistic assumptions and scenarios” it will set the inflation target at 22% during the current fiscal year that ends in March 2021.

The announcement came in the follow-up to an earlier statement by CBI Governor Abdolnasser Hemmati that the bank will use multiple policy instruments to implement “inflation targeting”.

Taking stock of factors impacting inflation in the past five decades and the inadequacy of past inflation-taming efforts, the CBI said plans are in place for a change in approach to reduce the galloping inflation.