Money Issuance Halved

Annual growth of money creation by banks fell 57% in the first five months (March 21-August 22) of the current fiscal year, the Economy Ministry reported.  
The ministry said the decline in money issuance was driven largely by the visible weakening of loans given by banks and credit institutions. 
Outstanding loans, including both performing and non-performing, registered 8.2% growth in the period. This was significantly lower compared to 19% annual growth in the corresponding period last year, the ministry’s news website Shada.ir reported.  
The apparently positive development is “one outcome of the Central Bank of Iran’s policy to exercise [tighter] control over ban balance sheets”.