Interbank Rate Crosses 20%

Interbank rates continue to rise climbing to 20.31% as of Thursday, the Central Bank of Iran said.
Rates have been of the ascending order since late August rising from 18.29% and now are the highest since the beginning of the current fiscal year in March.
It was 19.9% in late March before declining to 17.95% on July 8, the lowest this year. Since then the rates have risen steadily. The decline in the first few months was linked largely to liquidity surplus in the interbank market.   
Incessant upsurge in rates apparently suggests a pattern of liquidity crunch and the CBI’s expansionary policy has done little if anything to curb it.