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Iran’s Central Bank gains $10M surplus

Business Materials 28 September 2018 16:54

Baku, Azerbaijan, Sept.28

By Leman Zeynalova – Trend:

Iran’s Central Bank has gained $10 million worth surplus since early 2018, as depositing in banks is becoming more and more popular in Iran, said the bank.

Around 3 percent of the volume of yearly deposits in Iranian banks accounts for euro, 4 percent of these deposits is in dollars and 2 percent is in dirham.

The Central Bank said that a common agreement has been reached regarding Iran’s banking system, according to which banks can apply to the Central Bank on the issues related to foreign currency deposits.

The Central Bank of Iran was established in 1960. As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country. Four major objectives of CBI as stated in the MBAI are: maintaining the value of national currency; maintaining the equilibrium in the balance of payments; facilitating trade-related transactions and improving the growth potential of the country.

As banker to the government, the CBI is mandated to keep government accounts, grant loans and credits to state enterprises and agencies. The CBI also covers such functions as lending facilities to banks, purchase and sale of government participation papers as well as other legal banking operations.

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