Iran’s liquidity growth registers 11% increase

Business Materials 11 November 2015 17:13 (UTC +04:00)

Baku, Azerbaijan, Nov. 11

By Umid Niayesh- Trend:

Liquidity growth in Iran has increased by 11.5 percent during the first six months of the current Iranian fiscal year (March 21-Sept. 23), Abolfazl Akrami, director general for economic affairs at the Central Bank of Iran said.

The current year's liquidity by the mentioned time stood at 8.73 quadrillion rials (each 29,965 rials making one USD), Akrami said, the official IRNA news agency reported Nov. 11.

Compared to the same period last fiscal year (Sept. 23, 2014) the figure indicates an increase by 23.5 percent, he added.

The official further said that the monetary base volume also stood at 1.375 quadrillion rials by Sept. 23, registering an increase by 4.8 percent in six months.

The country's monetary base volume also witnessed a 19.2 percent, comparing to Sept. 23, 2014, Akrami added.

He added that the banking systems' debts to the central bank decreased by four percent during the period, reaching 806 trillion rials.

Government's debts to the central bank stood at 73.9 trillion rials, 5.6 percent more year on year, he added.

Iranian banks have paid 1.6 quadrillion rials in loans to various economic sectors in the first half of the current Iranian fiscal year (March 21-Sept. 22).

The figure indicates an increase by 9.5 percent compared to the same months of the preceding year, Iran's Central Bank reported Nov. 5.

Over 479 trillion rials, equaling 29.9 percent of total payments have been paid to the industry and mining sector in the period, 2.8 percent more year on year.

The International Monetary Fund forecast a 0.6 percent gross domestic product growth for Iran in 2015 in its April World Economic Outlook.

The IMF report put Iran's GDP growth at three percent in 2014, while predicting a 1.3 percent GDP growth for the country in 2016.