‘Iran’s money supply has increased over past months’

Latest figures by the Central Bank of Iran (CBI) point to a rise of nearly 15% in the country’s total amount of money supply within a period of 9 month.

The CBI release shows the money stock increased by 14.9% to some 6,836,630 billion Rials (about USD248.6 billion) from the beginning of the Iranian calendar year (starting March 21) until December 21, 2014.

The figure indicates a 24.1% surge from the previous Iranian year.

This is while currency in circulation with the public is calculated to be around 300,000 billion Rials (nearly USD10.9 billion).

On Monday, the director of the Monetary and Banking Research Institute (MBRA), which is the research arm of the CBI, Farhad Nillee said some 5% of the country’s money supply were in physical currency and the rest were virtual, which showed the Iranians have put their trust in electronic banking.

The CBI announced this past Saturday that Iran’s annual inflation has reached 16.3%. It said the figure had been derived from studying price changes over a period of 10 months starting 21 March 2014.

By Press TV

 

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