BREAKING NEWS

Iran to boost monthly cash payments as inflation bites

By REUTERS

MARCH 25, 2012 14:50

DUBAI - Iran is boosting the monthly cash payments it gives to its citizens by more than fifty percent, the Iranian Labor News Agency reported, as soaring inflation and the depreciating Rial continue to bite deep into the national economy.

The Iranian government implemented the first-stage of its Targeted Subsidies Plan towards the end of 2010 in an attempt wean the country off more generous food and fuel subsidies and so cut government spending. At the time, Iranian President Mahmoud Ahmadinejad called it the "biggest economic plan of the past 50 years".

After the additional payment, the vast majority of Iranians will receive 730,000 Rials (around 60 US dollars) in direct monthly cash payments.

The increase will soon be deposited in recipients' accounts, the head of the organization for targeted subsidies, Behrouz Moradi, was quoted as saying, but cannot be used until the second phase of the government's subsidies plans is launched.

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