Bank deposits in Iran surpass $277B

Business Materials 7 April 2015 15:21 (UTC +04:00)

Baku, Azerbaijan, April 7

By Khalid Kazimov - Trend:

The latest report by the Central Bank of Iran says that bank deposits in Iran have hit 7,810 trillion rials (approximately $277 billion, at 28,120 rials for each USD).

The statistics relate to the end of the Iranian month of Azar (December 21, 2014).

The total domestic and foreign-currency deposits added up to 7,809.82 trillion rials. As legal deposits were deducted and the deposits were laid by the Central Bank, about 6.94 trillion rials stayed with the banks.

Banks and credit institutes paid over 6.43 trillion rials as facilities in the same period.

The highest deposit across the country was placed in capital Tehran where, after deducting legal deposits, 3.98 trillion rials facilities were granted.

The country's lowest deposit attraction belonged to Kohgyluyeh and Boyer Ahmad Province with 17.73 trillion rials and Ilam Province with about 19.240 trillion rials deposit.

Iranians have deposited some 940 trillion rials (about $27 billion) in six unauthorized financial institutions, which according to Deputy Governor of the Central Bank of Iran Ali Komijani on December 29, can be a factor to imbalance the fiscal market.

He put the volume of liquidity by the end of the eighth Iranian calendar month of Aban (ended on November 21) at 6,700 trillion rials (about $191 billion), which is a 26.3 percent rise compared to the same period of the past year.

Iranian administration set the annual interest rate for bank deposits at 22 percent.

The maximum interest rate for deposits of 90 days or less is set at 10 percent, for six months to three months at 14 percent, 6-9 months at 18 percent and 9-12 months at 20 percent respectively.