Liquidity in Iran exceeds $246B

Business Materials 11 July 2015 12:37 (UTC +04:00)

Baku, Azerbaijan, July 11

By Fatih Karimov - Trend:

Liquidity in Iran exceeded 8,000 trillion rials (about $246 billion based on free market exchange rate) on the last day of the second Iranian fiscal month (May 21).

The volume of liquidity rose by 23.2 percent compared to the same date last year, the Central Bank of Iran reported July 10.

Liquidity in the country amounted to 7,820 trillion rials (about $240 billion) in the past Iranian fiscal year, a 22.3 percent rise year on year, while it was 670 trillion rials (about $20 billion) ten years ago, when the administration of former president Mahmoud Ahmadinejad started.

Jamshid Pajouyan, the former head of Iran's National Council for Competition, said July 6 that a 3,000-trillion-rial (about $92 billion) rise in liquidity over the past 22 months was a 'catastrophe'.

The Central Bank of Iran announced that six banks, namely Iran Zamin, Resalat, Khavarmianeh, Kish International, Iran & Venezuela, and Qavamin, as well as four credit institutions, namely Salehin, Pishgaman Ati, Kosar, and Askarieh, have been added in fiscal year ended in March 2014 to the national banking system, therefore, statistics related to liquidity have been changed.

Twenty percent of liquidity in Iran is in the hands of unauthorized financial institutes, Akbar Torkan, the senior advisor to Iranian President Hassan Rouhani, said in June.