Iranian money supply increased 39.1% yoy in August (CBI)
Figures from the Central Bank of Iran (CBI) show that the country’s money supply grew 39.1 percent year-on-year at the end of August to reach the equivalent of more than $ 142.5 billion.
CBI figures released on Saturday showed the money supply (M3) to reach 39.214.3 trillion rials, which would equate to more than $ 933.5 billion when calculated on the official exchange rate of 42,000 rials. for one US dollar.
Money supply had grown 12.8% from figures recorded at the end of the last calendar year at the end of March, according to CBI data which was covered in a report by the official IRNA news agency.
The tables cited in the report showed that the CBI’s net foreign assets increased by 29.3% compared to the end of August 2020 to reach 4,815.2 trillion rials ($ 17.5 billion).
The government’s debts to the CBI stood at 351.4 trillion rials ($ 1.27 billion), up more than 256% from March and more than 207% from August of the year last.
Debts owed by public and private banks had risen by about 6 percent from August last year and March 2021 to stand at 1,242.4 trillion rials ($ 4.5 billion), according to CBI figures.
Currency in circulation stood at 819.8 trillion rials ($ 2.97 billion), up 17.6% from August 2020, while bank deposits held in the CBI increased by 47 , 9% year on year to reach 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 monitor government borrowing from the lender.
Governor Ali Salehabadi, former head of Iran’s equities and equities regulator, has vowed he will put in place a strict monetary policy to help control inflation in Iran.
(1 USD = 275,000 RLS)