Economy, Business And Markets

61% of Deposits in Tehran Banks

61% of Deposits in Tehran Banks 61% of Deposits in Tehran Banks

Sixty-one percent of the aggregate amount of deposits within the Iranian banking system is entrusted with the banks in Tehran.  Out of the overall 7.5 quadrillion rials ($274 billion) of deposits within the country, the total reserves of the banks in Tehran stood at nearly 4.6 quadrillion rials ($167 billion) by the end of the first half of the fiscal year, ISNA reported on Monday, citing central bank data.  After the deduction of the required reserves of the central bank the amount would stand at 3.8 quadrillion rials ($142 billion), the report said.  Out of the aggregate amount of the country’s deposits, commercial banks reserves at the central bank amount to 850 trillion rials ($31 billion).  The main reason why Tehran stands at the top of the list of cities with highest bank reserves is the fact that several manufacturing company headquarters are located within the capital, in spite of the fact that their factories might be located elsewhere, according to the report. The major part of the banking of such companies is thus done in Tehran.  With an aggregate amount of 12 trillion rials, Kohgiluyeh and Boyer-Ahmad ($584 million) is the province with the least amount of deposits, the report said.