Secretary of the Council for Dialogue between the Government and Private Sector, Mohammad Nahavandian, emphasized that implementation of the second phase of subsidy reform is not feasible. Nahavandian said that during implementation of the second phase, inflation was less than 15%, but today inflation stands at 30% and point-to-point inflation at over 40%. The price reform program must be implemented when economic conditions are stable. He added that during the council meeting that took place on Monday, the Central Bank had to increase regulation over the banks in order for them to properly implement the decision on foreign currency that was made at the end of the last Persian year. Nahavandian, who also serves as Chairman of Iran’s Chambers of Commerce, Industry and Mines, stressed the need to control inflation and added that the purchasing power of the national currency has dropped to one-half and even one-third.