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Iran money supply rose 39.1% y/y in August: CBI

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
File photo shows Iranian banknotes.

Figures by the Central Bank of Iran (CBI) show that money supply in the country rose by 39.1% year on year in late August to reach the equivalent of more than $142.5 billion.

CBI figures published on Saturday showed that money supply (M3) had reached 39,214.3 trillion rials which would be equal to more than $933.5 billion once calculated on the official exchange rate of 42,000 rials per US dollar.

Money supply had increased by 12.8% compared to figures recorded at the end of the last calendar year in late March, according to the CBI data which were covered in a report by the official IRNA news agency.

Tables cited in the report showed that CBI’s net foreign assets had increased by 29.3% against late August 2020 to reach 4,815.2 trillion rials ($17.5 billion).

Government debts to the CBI was 351.4 trillion rials ($1.27 billion), up by more than 256% compared to March and over 207% against August last year.

Debts owed by state-run and private banks had increased by around 6% against both August last year and March 2021 to amount to 1,242.4 trillion rials ($4.5 billion), showed the CBI figures.

Money in circulation was 819.8 trillion rials ($2.97 billion), up 17.6% against August 2020, while banks’ deposits held in the CBI rose by 47.9% year on year to top 4,339.6 trillion rials ($15.7 billion).

The figures come just days after the Iranian Cabinet appointed a new CBI governor with a mandate to control government borrowing from the lender.

The governor, Ali Salehabadi, a former head of Iran’s stocks and equities regulator, has vowed he would introduce a tight monetary policy to help tame inflation in Iran.  

 

(1 USD= 275,000 RLS)


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