...

Iran’s liquidity amounts to $234 billion

Analysis Materials 6 August 2014 14:57 (UTC +04:00)

Baku, Azerbaijan, Aug. 6

By Umid Niayesh - Trend:

Iran's liquidity value reached 6,180 trillion rials by the end of the third Iranian calendar month (June 21), which is $233.97 billion based on the official rate of 26,414 rials per each USD.

The figure shows an increase by 3.9 percent compared to the liquidity at the end of the last Iranian fiscal year (ended on March 21), Iran's Fars news agency reported on Aug. 6.

The liquidity by the end of the third month of the current fiscal year has increased by 30.5 percent compared to the same period of preceding year.

The country's monetary base stood at 1,125 trillion rials by June 21, 2.3 percent less compared to the end of the last Iranian fiscal year (March 21).

Last year, Valiollah Seif, Iran's Central Bank Governor said that the bank will focus on controlling liquidity and bringing down inflation. Liquidity in Iran has grown over five folds since seven years ago, according to the Central Bank of Iran.

Masood Ahmed, the director of the International Monetary Fund (IMF)'s Middle East and Central Asia Department forecasted that Iran's economic growth rate will hit 1.5 percent in the current year after two years of contraction.

The inflation rate in Iran has decreased, and the foreign currency exchange rates have been stabilized as a result of effective policies taken by President Hassan Rouhani's administration, he said.

In April, the IMF said Iran's economy had contracted by 1.7 percent in 2013. However, the economy will come out of recession in 2014, the report added.

Edited by CN

Latest

Latest