Economy, Business And Markets

E-Transactions Outstrip Physical Currency

E-Transactions Outstrip  Physical CurrencyE-Transactions Outstrip  Physical Currency

The value of transactions conducted via electronic banking services in the past six months was 4,261 trillion rials ($160 billion), said a board member of Pasargad Bank on Sunday. The figure is 15 times greater than the amount of total physical currency (i.e. bank notes plus coins) available in the country, which is is presently at 290 trillion rials ($10 billion), according to Ahmad Vadi. “The liquidity ratio in Iran is now 4.7 percent, “which should be reduced to less than 1 percent, said Vadi, who believes, given the population, the amount of physical currency in our country is higher than that of any other country that uses electronic banking services.