Iran’s race towards monetary policy reform faces high hurdle reality

Iranian rials

Iran has chosen a fast track to ‘modernise’ its monetary policy by moving away from its exchange-rate anchoring system to an inflation targeting mechanism as its main monetary policy framework.

The decades-long pursuit of this reform is now being conducted through various simultaneous actions, including a deepening of the financial markets, the launching of open market operations (OMO) for the first time and the setting-up of an interest rate corridor as the main operating target.

This policy

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