11237
Monetary Base Shrinks for First Time in Decade
Economy, Business And Markets

Monetary Base Shrinks for First Time in Decade

The monetary base has contracted for the first time in a decade, according to a top official with the Central Bank of Iran.
“Since President Hassan Rouhani took office in mid-2013, his administration has focused on curbing inflation through the monetary base,” said Hamid Tehranfar, deputy governor of the CBI for supervision affairs, ILNA reported. “In the light of the matter that the monetary base has recently contracted, the amount of deposits cannot logically increase as they used to.”
Speaking at the fifth conference of successful banking managers, the official said that increased deposits have always been the main criteria by which successful managers have been assessed, explaining that the expansion of the monetary base in the past years was the main reason behind the increase in the amount of deposits.
“Another reason why deposits won’t remain on the rise is that the CBI has also been trying to control money supply,” he said.
On the issue of interest rates on deposits and loans, Tehranfar referred to the recent instructions the Money and Credit Council on the issue, saying that some banks and credit institutions have not respected the instructions.
“Now interest rates have turned into a major problem and although most banking experts have been trying to turn the tide, their efforts have not yielded any significant results,” he added. 

Short URL : http://goo.gl/HMvj9a

You can also read ...

FAO Forecasts Iran’s Cereal Output to Rise 12% in 2018
Despite autumn dryness, crop conditions recovered in Iran and...
Iran's Summer Box-Office Revenues Exceed $5 Million
Iran’s box-office revenues exceeded 610 billion rials ($5.19...
Hot Autumn for Tehran Stocks
Tehran stocks rose solidly on Sunday, recording another all...
Iran Housing Market Bracing for Double-Dip Recession: Aug-Sep 2018 Report
New data show property deals in Iran are on a downward...
Mobile Internet Services Get Costlier in Iran
Major mobile operators MTN-Irancell and Mobile...
Iran Agrifood Exports Rise 27% to Record High of $2.6 Billion
Around 2.94 million tons of agricultural and food products...
SCI Puts Iran's YOY Inflation at 25.7%
The goods and services Consumer Price Index for the month...
Iran's Trade With Italy Tops $590m
Iran traded 389,963 tons of non-oil commodities worth $594.82...

Trending

Googleplus