Growth in Monetary Base Linked to Mounting Bank Debts to CBI

New monetary data show growth in the monetary base is driven more by bank debts to the Central Bank of Iran and less by CBI’s foreign debts. 
The total debt of banks to the CBI was 1,859.7 trillion rials ($6.8 billion) by end of the calendar month to Feb.19. 
Data seen on the CBI website show a shift with regard to key factors influencing expansion of the monetary base. 
The monetary base stood at 5,807.5 trillion rials ($21.5 trillion)– up 33.2% in 12 months to Feb.19. It rose 26.6% over 11 months. 
While the CBI’s foreign debt was paramount in expanding the monetary base in most previous monetary reports, the latest data suggest that it is fueled by the rising debt of banks to the CBI.