Economy, Business And Markets

Gov’t Augments CBI Deposits

Gov’t Augments CBI Deposits Gov’t Augments CBI Deposits

According to the latest data released by the Central Bank of Iran for the month ending February 18, government deposits with CBI reached 412 trillion rials ($11 billion) and registered an 11.3% and 20.7% increase on a monthly and year-on-year comparison, respectively.

This could be a result of the government's plan to move all its accounts from state-owned and private banks to CBI.

Figures also show that banks were keeping 1.289 quadrillion rials ($34.5 billion) with CBI in reserve requirement. The amount grew by 22.1% compared with the previous year's 1,064.1 trillion rials.

Private banks and non-bank credit institutions accounted for the biggest share of reserve requirements at 972.5 trillion rials ($26 billion). These institutions accounted for 75.5% of the total figure, showing a growth of 22.3% compared with the previous year.  

The three commercial state-owned banks experienced a 29.7% surge in their reserve requirement year-on-year to reach 241.8 trillion rials ($6.5 billion), accounting for 18.75% of the total amount. The smallest share of reserve requirements go to five specialized banks also owned by the government at 5.75%.

The Iranian private sector's deposits in banks and non-bank financial institutions reached 11.79 quadrillion rials ($315 billion) by February 18, marking a 24.6% growth year-on-year.

Private lenders accounted for 71.5% of the savings to reach 8.4 quadrillion rials ($225 billion) and register a 23.1% growth compared with the same period of last year.

Commercial state-owned banks with 2.2 quadrillion rials ($59 billion) and specialized banks with 1.1 quadrillion rials ($30.7 billion) accounted for 18.7% and 9.8% of the total savings, respectively.

The report indicates that the private sector's debts to banks sharply grew by 25.6% during the period compared with the correspondent period of last year to exceed 8 quadrillion rials ($215 billion). Specialized and commercial banks accounted for 20.3% and 15.4% of the total debts, respectively.

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