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Wednesday, February 25, 2009

'IMF, World Bank measures favor rich countries'

Wed, 25 Feb 2009 02:04:06 GMT   |    PressTV

Central Bank of Iran Governor Mohammad Bahmani
Iran has criticized international financial institutions for their silence on the massive injection of money into the economies of rich countries.

"Since the beginning of the economic crises in America and some major European countries, they ratified economic stimulus packages and injected thousands of billions of dollars into their economies that would increase inflation in the world in the near future," the governor of the Central Bank of Iran (CBI) said on Tuesday.

Addressing a meeting of the International Monetary Fund and World Bank in Algiers, Mohammad Bahmani accused the IMF and World Bank of allowing the US and European countries to inject fiat currencies into their economies.

The US credit crunch has exacerbated the global recession, prompting governments to push through massive economic stimulus packages and overshadowing efforts to reform the global financial system.

Bahmani also called on the IMF and World Bank to increase their support for poor and developing countries, which are experiencing many problems due to the global economic meltdown.

In a meeting on Sunday in Berlin, the heads of Europe's largest economies agreed on the need for greater regulation of financial markets. 

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