the staff report for the 2004 Article IV consultation, prepared by a staff team of the IMF, followig discussions that ended on June 19, 2004, with the officials of the Islamic Republic of Iran on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on August 20, 2004. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF.