Business And Markets

Rise of Sight Deposits

Rise of Sight Deposits Rise of Sight Deposits

The Central Bank of Iran said increase in sight deposits far outpaced term deposits in the first quarter of the current fiscal year (March 20-June 20), reflecting depositors’ reluctance to keep money in banks for extended periods. 
Total sight deposits rose by 780.9 trillion rials ($3.4 billion) in Q1 to reach 4,442.5 trillion rials ($19.4b), posting 21.3% growth. On annualized basis, sight deposits rose 70.4%, according to a CBI monthly monetary report published on its website.   
This is while term deposits registered only 5.2% hike during the same period, growing by 968.6 trillion rials ($4.2b) to reach 19,536.62 trillion rials ($85b). Term deposits rose by 27.7% year-on-year.
Long term deposits stood at 11,981 trillion rials ($52b) by June 20, registering 4.3% growth and 30.2% on the annualized basis. Short-term deposits rose to 7,555.6 trillion rials ($32.8b), up 23.9% annually and 6.7% growth during the Q1.  


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment