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Iran’s Currency Crisis May Worsen GDP Shrinkage: IMF Says

Iran’s currency crisis will probably deepen the Islamic republic’s economic contraction this year by more than the International Monetary Fund had estimated, the fund’s Middle East chief said.

The IMF had forecast the Iranian economy would shrink 0.9 percent this year, while inflation would surge to a four-year high of 25.2 percent. The predictions are based on data from before the rial’s slump, which “will likely have a further negative impact on economic outcomes in the coming year,” Masood Ahmed, head of the Middle East and Central Asia department, said in an interview in Dubai yesterday.