yes, but the inflation rate in 141 was about 46 , which means that there is a gap of about 15 percentage points between liquidity growth and inflation, which means that liquidity growth is lower than inflation. this happened again in 1402, which means that our liquidity growth stood at around 25,266. but our inflation experienced the number 41 , again about 15, 15 percentage points, in fact, the difference between liquidity growth and inflation, while it is usual in the economy that liquidity growth is greater than inflation, because anyway the economy is growing positively , there is positive economic growth, and this causes it is possible that a part of the growth of liquidity can be answered with the growth of production also, in any case, all this cash growth in that year will not necessarily be activated, it will not circulate , some of it may actually stop. and also

, a part of the liquidity rush is spent on transactions that do not necessarily have an inflationary effect, at least in that period, so we always expect and it is usual for the growth of liquidity to be higher than the inflation rate, but this has been reversed in our economy in the last two years . the numbers are acceptable numbers , it is not a matter of one or two percent difference , the difference is 15 percentage points. this means that the politician the central bank is making a lot of efforts to reduce the growth of energy liquidity, and this effort is of course a difficult effort and it is also a painful effort based on the criteria of the real sector, because as you can see , the growth of liquidity is the financing of finance, in fact , when you want to reduce the liquidity rush. you should disrupt financing in the economy and prevent financing . that is, when the inflation rate is 40%, the economy

naturally tends to demand 40% more money, that is, people, buyers , working capital applicants for production, when the inflation rate is 40%, well , proportionally to this amount of money, they need more money. it is possible, but when it comes to you , you try to increase the vehicle by 25%, that is to say, with a mode of suppression and in a command form, you try to prevent the supply of those issues. let's add money expenses. so, the monetary policy maker has taken a very aggressive approach, in fact, he should not have done this , for example, to control inflation, this should not happen again. see monetary policy maker. it should

have 2 considerations, one is the issue of inflation and currency value, the other is the issue of financing in the economy. yes, in the last two years, the central bank has put a lot of pressure on inflation and almost that financing consideration to the limit. he has left a lot, but my point is that when you look, you see that the expected reduction in inflation has not been achieved, that is, we finally have the inflation figure recorded in 1402, which is 41 years old. in fact, we had some suppressed inflation since the previous years, that is, we have inflation above 40, and you know that the bigger the difference between liquidity growth and inflation, the more painful this policy will be, because after all, you have high money consumption , and now you have 40 inflation. you have 4 percent or according to a story above 6 percent of economic growth, that is, above 456, your economy needs more money, but you have 25 of these.

what does this mean? you are depriving a large number of people of financing a part of the economy . they have to go to their own capital . the monetary growth of inflation and economic growth should be a gap. look, now it's been 2 years, that is, i am saying that there is no such thing in the history of iran's economy. it is possible that in one year , we have followed this in a special way, an exception to this issue.

we have always had this concern at the central bank we had the concern of financing the economy in a situation where we want to adopt almost extreme contractionary policies. in a situation where we want to adopt a contractionary policy in this way, one of the prerequisites of such a policy is that we have a prioritization for our education in such a way that this contractionary policy minimizes its negative effects on the economic growth and the production area. anyway, there was a request, we are following it at the central bank, as a rule, to identify these priorities . in its original state , it should be pursued within the framework of an industrial development strategy. unfortunately, the removal of one there is such a document in our economy and it feels like such a void. i mentioned another point to you that we

could not reduce inflation by the same proportion or amount that we reduced liquidity . the next point is, well, next to politics, until the reformation that we had, well, we are a series. we transferred the financing to the methods that are so called in the classification of the banking network under the balance sheet line of the central bank of the banks . we have almost a program in general 350 tons, we have a package of 35 tons for next year in the form of supply chain.

it was very high, almost. if i'm not mistaken, based on the figures i had until february , we had approximately 885 financing efforts in the form of rial letters of credit, which has grown by approximately 80 percent compared to last year's performance , which means that we were paying attention to the issue of financing in any case. the way that now our goals in the field of cash flow are not at risk, while in any case, our financing is within the framework of production goals. ok, hit the target and in the form of supply chain ok, so for 2014, you increased 70 percent of gam papers, not the whole chain, in fact, in the form of a clean chain, because there is also factoring , there is also the issue of electronics, the welfare card is connected to gam

, this is a new form that all these together 35 yes, in the basic package 35 now it can be increased depending on the situation, so how much was it in 1402?

we don't have it, a prioritization should be done and according to that we will come and provide financing , see what you think, i think it is a very ideal situation , the discussion of the industrial development document and an official society document , but we never had this, that is, many times. in iran's economy, policy makers act according to their needs. they themselves knew and recognized the economic priorities in different years in iran's economy, even in the central bank itself, in fact , in the central bank investigations department , it was actually responsible for this, and it tried to work on bank credits based on the interpretation they had of which economic sectors have priority

to be effective, but look at the fact that if our inflation does not show that reduction, it means that our inflation has not decreased to the extent that our liquidity growth has decreased. this is what it means very simply. that the factors affecting inflation other than liquidity , i.e. other than the growth of liquidity, along with other factors that affect inflation, have a lot of power in our economy . look at people's expectations, the fact is that if inflation in an economy wants to decrease significantly and in a good period of time , this matter must first become a belief. if it becomes public, it means that people will imagine that the future inflation

will decrease, but for example, you used to see something like this in the years 93-94. now , i think that it was important to think that inflation will decrease, but that people think that inflation will decrease, this is very important in the real decrease of inflation, because you can see that inflation is an economic phenomenon. we think it is something that is falling from the sky, but it is real. this is the output of people's behavior in another economy, that is, when people buy in a certain way, they sell in a certain way , they make a contract in a certain way. when they think that inflation is high, the price is high, in fact, they sell their goods, and the buyer accepts the high price. contracts are set based on prices with high growth, and this public behavior puts a pressure that does not allow inflation. in fact, it is in accordance with what you say. i have the fundamental factors . the issue is because people's belief and

expectations are not locked to the growth of liquidity , that is, when people want to imagine what the situation will be about inflation, they don't look to see the growth of liquidity. and another issue is that we have to accept anyway that property prices in our economy have had a significant jump in the past years and this. it comes intermittently, it affects inflation. specifically, i am referring to the housing that you see. from 2006 to 2002, housing prices in iran have increased 13 times on average, but the rent has multiplied, for example , not 6 times. what does this mean? i have a reason because the rental price is something that, unlike the housing price , the price of assets fluctuates a lot, but because the rental price has a consumption aspect, it cannot have that severe fluctuation and it increases intermittently . when we look, we see rent in our economy, there is still room for

it to increase, it has not yet adjusted itself with the increase in housing prices, and you know that one-third of inflation is only direct rent, now rent has indirect effects, which means all shops, retail, wholesale , manufacturers, and workshops. and they all have a place, and when your spring rental rate is above 40, it is very hard to actually think that a serious force can bring down your inflation, for example. this number is around the same number, so those agents who were in the same category as mr. mehdizadeh are also from those three categories of our agents. we put our strength and power on one aspect , a category that becomes the demand side. now, what is the aspect of liquidity, what is the aspect of people's real income, i.e. growth , in fact, salaries are below the inflation rate that we have. now this limitation and contraction of demand limit limited credits. making transmissions is not a policy that we always

want to be able to use, that is , it has a period and a capacity, just as you say, i have those places that you see, i will say this if you order, mr. d. because i asked this , please tell me that if the central bank did not pursue liquidity control through balance sheet control, what action would it put on its agenda? it can be effective on inflation, unfortunately, our central bank follows the idea that generally exists in economics, which easily thinks that inflation follows liquidity one to one. that the central bank is an agent and can control this inflation to some extent

it should be effective, in my opinion, the central bank has made maximum efforts, even in my opinion, it has gone too far, in fact, it has stepped on a tightrope, and what is the effect of this on the management of inflation expectations , see the solution to that management of inflation victory, change in the outlook of the iranian economy. the issue is beyond the central bank's mission. i mean , if the central bank wants to fill the place of all those factors, the result will be that the economic pressure of the economy will be much more than it should be. the central bank tries to do this in line with other factors improving the prospects of torn's expectations, see what our ruler should do is that we find a new meaning in the world economy, that this

new meaning leads to currency openings , commercial openings and opening. in the field of investment and this perspective change, slowly create the belief in the people that our economy is an economy with a future, a positive economy, and also in the field of inflation, an economy that is moving towards reduction , this is a symbol of controllability of exchange rate, controllability of prices assets, which are beyond the tools of the central bank, thank you very much mr. mehdizadeh, what is the central bank's plan for this year? for the liquidity meter , thank you to mr. dr. drodian for the very good explanations and please give me the inflation. i just want to confirm his orders for now. it was also mentioned that we are in the field of hats because of

the almost relative conversation that we had until the first half of at least last year. in the currency market, our inflation was not actually in the goods sector, it was mainly in the service sector. well, the result of the increase in asset prices was the price of housing in previous years. we now have a ratio in the central bank. the ratio of something like a pipe is being calculated in the capital market . it is calculated as the ratio now of a type of housing whose price is almost the same as in the previous year. since 1997, it was approximately 18:19, that is , the ratio of 1:5 in which one-fifth of the mortgage price of residential units was considered as a mortgage, but this ratio has decreased a lot now and has reached 8% . we have between interest and the price of assets, well , this should be in its own long-term path anyway

we still have a pressure from the rent area in the district. inflation, well, anyway , let's follow up on your own policies in this area , in relation to your request , what are our plans for the current year of 1403? this year , we reduced our cash flow target by 23% plus minus 2%. according to the conditions, that 2% is actually a margin that can be cleared. liquidity will increase or even decrease depending on the conditions we will have and, of course, politics we will continue to control the growth of liquidity in the same way we did last year, this year as well as the policies we have in the field of foreign exchange policies to meet the real needs of economic actors and in a way it is actually market

management for inflation. and the control of inflation expectations is the first. if nothing special happens, in any case , we will be able to continue the economic developments in this way , god willing, we will be able to come to channel 20 expecting inflation, what are the inflation expectations ? anyway through announcing our policies, we should

try to get more communication with economic activists and make it clear as much as possible, as far as we can in fact and it is in our field of work, we can respond to inflationary expectations , but, as a rule, all these issues are not related to the central bank's domain, and well where does it relate to, which other departments should we offer your help ? well, in any case, the situation of other institutions, from the diplomatic apparatus, in any case, a good perspective in the field of tennessee in the region, in any case , the events that we had last year, in any case the discussions we have in the field of improving our relations with the countries of the region it was very fruitful to point out the pressure of the recession that may come to the production units , because this year is the year of production and people's participation is also needed. please tell me what measures you would take so that the production units do not feel the pressure of recession . i said that, well, now mr. drodian said that the central bank had previously prioritized, the fact

is that we did not have anything like this. in the form of regulatory policy packages, sometimes the central bank would inform the banks in the form of recommendations, we had a partial allocation of facilities that in fact, it was left out in the fifth program, thank you, mr. ezr mokham, i just said that now for this year , as a rule, we will have close cooperation with production facilities such as jahad, agriculture, and the mining industry, and we will also have our own financing packages. in any case, in the field of supply chain , we have our own special program that we have in cooperation with the stock exchange organization and other institutions . this is the effect of the recession that we are talking about don't you see, i think that

the effect of our policies on the economic recession and prosperity is much, much stronger than the effect of our policies on the inflation rate. i think that the central bank should monitor this issue in 1403, if it is to be possible for us to the growth of our liquidity to numbers less than. it should be lowered, i.e. below 25%, but our inflation rates will remain above 30%, which means that the costs of reducing liquidity growth will increase exponentially. i suggest that the central bank, within the framework of the balance sheet control policy , considering the growth of opening liquidity consider specific and controlled liquidity , whether independently or in cooperation with other institutions such as the ministry of economy, especially the organization of specific investment goals or targets that can help jump

production to growth. economically and even to contain inflation and reduce inflation, i think that the housing sector can be a very serious candidate in this issue of controlled liquidity openings that we can be sure of within a period of two or three years. it leads to a decrease in the real prices of real estate and housing. see specifically, it means supply new urban contexts that can create a significant supply in the housing sector, especially in big cities or around big cities, which can now get a portion of public financing, which can have this capability and a sector. especially where the economic side is actually a little weaker, it should go towards bank credits or central bank credits. in combination, this may

increase the growth of our liquidity by a few percent, but it will definitely not increase our inflation to the same extent. you see, the decrease in monetary growth did not reduce our inflation one by one, but at the same time now, it can have a serious effect on the growth of our production, and it can also have an effect on inflation, but with a pause, that is, as much as you can control the price of housing in iran's economy, it is better to control it , increase your housing supply. increase your land , increase the supply of residential structures, this action is an anti-inflation action and an action for the growth of production . banks everywhere in the world, this is not only literature if it belongs to this, the credit restrictions will lead to the forces, the agents, the beneficiaries , the powerful entries, conquering the credits

, i.e. the government, the groups related to the government , the quasi-governmental companies, the large enterprises related to the bank , the bank-related, these are among the academics. they take over and if we review the statistics, this has happened in our country in the last two years, and the smaller , medium, non-related, non-related to the government, non- related to the banks are being left out, while they are the most productive sectors. in our economy, therefore, we must find a qualitative beast in our credit policies make it not only that we come and close the ceiling of liquidity growth and be happy that , for example, our liquidity growth has reached 25% , and we have nothing to do with the allocation and explanation of how this is happening, the allocation and distribution of liquidity in our country now. it is very counter-productive and when it is counter-productive , it means that it is inflationary in the long run . therefore, we must definitely add quality restrictions to the limits of our wallets to ensure

that those who have access to credit from far away will be removed. these also gain access and those who do because of their power they are gaining access to credits , their share in credits is decreasing , thank you very much, mr. mahdizadeh, one of the things we talked about last year was controlling the balance sheet, dealing with non-compliant and delinquent banks. how will this policy continue in 1403? will find one of the main authors. controlling the growth of the balance sheet, dealing with the excesses of the banks , imbalanced banks that in some way fuel the growth of liquidity . well, the quality of the liquidity of rome is not the optimal quality . we must pay attention to this category in determining the growth of the balance sheets of the banks. in the past, we have given them a ceiling for the growth of their balance sheets according to the conditions of the banks.

as a rule, any bank that is more imbalanced and has more problems in its balance sheet, such as the quality of its capital or compliance with the regulations and directives of the central bank , as a rule, the growth limit of its balance sheet is lower, and this issue itself is included in the limit notified by the banking network. can you give us statistics on how many banks have balance sheets? they should better control how unbalanced they are now , how is the situation, so what was the performance during the month, i told you, month by month, we are monitoring. let us know the situation of the banks. well, in some of our banks, for example, in march, tell us that your last observation is in march. well, the information has not yet reached us . it is still a little early, but in the previous months, when the banks might have a violation, for example, we immediately informed them. it would be possible to increase the ratio of depositing the law in special cases of the board. the manager of the banks

has been introduced to the disciplinary board of the central bank , how many, for example, we had it in saldi, now the exact number of banks, but i know that there are cases in which their cases have been brought up in the disciplinary board , and there are cases that, despite numerous warnings, anyway if they don't correct themselves this year, the same procedure will continue. you will continue with strength . yes, with strength, the approach will continue. of course, we are definitely paying attention to the details that mr. drodian mentioned. in order to finance the pishran industry, in cooperation with the ministry of economy and the ministry of economy, we have targeted a series of industries that have more backward and forward connections with other economic activities or have a greater share in added value, so they can be prioritized for financing. the problem is also the housing part, which the druids said, well, we close communication with the ministry of roads.

thank you very much for being with us in the programs , to all the good viewers of vijeh news talk, who have been with us until this moment , may god protect you, ali.

in the name of allah, the merciful, the merciful, in the name of god, whose memory is peaceful and hearts are calm, dear viewers , good night, good night, welcome to today's world. i am vahid modareszadeh and i will be at your service for the next hour by reviewing the most important news and developments in the world . first, let's go to russia and announce the extraordinary security situation in this country, this time in st. petersburg, two days after the terrorist attack on moscow this evening. russian police in a shopping center in st. petersburg due to a bomb threat.