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.