Financial Tribune � An estimated 2.35 billion transactions worth 2,617 trillion rials ($23.05 billion) were processed by Iran's domestic payment network, Shaparak, during the fiscal month to August 22.

The latest monthly report published on Shaparak's website shows a year-on-year growth of 26.79% and 10.64% in volume and value respectively.

The volume grew by 0.62% while value fell 1.11% compared to a month earlier when more than 2.34 billion transactions worth 2,646 trillion rials ($23.31 billion) were processed.

Annual surge in the value of transactions was attributed mainly to galloping inflation. "A year-on-year comparison of the transactions� value, after factoring out point-to-point inflation, shows 18.12% decline."