BAKU, Azerbaijan, Mar.7
Trend:
The average interbank interest rate has reduced to 19.7 percent, said the Governor of the Central Bank of Iran.
"Following the Central Bank of Iran(CBI) actions in interbank management and especially using repurchase agreement (repo), the average interbank interest rate has reduced to 19.7 percent," said Abdolnasser Hemmati, Trend reports citing Fars News Agency.
"The Central Bank of Iran seeking to limit the growth of banks' balance sheets and avoid raising interest rates. Considering the decline of inflation expectations (which one of its indications was a decline of foreign currency rate in the NIMA system) and lack of necessity to increase the interest rate, the Central Bank of Iran plan is to set the interest rate based on interest rate corridor," he posted on his Instagram account.
Hemmati went on to note that the monetary growth in February was 56.9 percent while the quasi-money growth was 35.3 percent which indicates the decline in inflation forecasts.
"The primary result of the Central Bank of Iran's statistics indicate the production of large industrial factories has growth in the last three months of the current Iranian year (started March 20, 2020) the CBI report indicates the growth would continue," he added.