Rise of Sight Deposits

The Central Bank of Iran said increase in sight deposits far outpaced term deposits in the first quarter of the current fiscal year (March 20-June 20), reflecting depositors’ reluctance to keep money in banks for extended periods. 
Total sight deposits rose by 780.9 trillion rials ($3.4 billion) in Q1 to reach 4,442.5 trillion rials ($19.4b), posting 21.3% growth. On annualized basis, sight deposits rose 70.4%, according to a CBI monthly monetary report published on its website.   
This is while term deposits registered only 5.2% hike during the same period, growing by 968.6 trillion rials ($4.2b) to reach 19,536.62 trillion rials ($85b). Term deposits rose by 27.7% year-on-year.
Long term deposits stood at 11,981 trillion rials ($52b) by June 20, registering 4.3% growth and 30.2% on the annualized basis. Short-term deposits rose to 7,555.6 trillion rials ($32.8b), up 23.9% annually and 6.7% growth during the Q1.