News ID: 275013
Published: 0355 GMT October 02, 2020

CBI: Iran’s six-month monetary base expansion modest

CBI: Iran’s six-month monetary base expansion modest

Central Bank of Iran (CBI) Governor Abdolnaser Hemmati said that the country’s monetary base expansion in the first half of the current Iranian year was a modest one as he dismisses claims the lender used extra finances to fund imports based on an official rial price of 42,000 against the US dollar.

Hemmati said on Thursday that the balance of monetary base, or the amount of cash in circulation and deposits at the CBI, grew only by 5.4 percent in the six months to September 21, compared to the end of the year to March 20, 2020, Press TV reported.

“Restricted growth in the monetary base is a sign the CBI has insisted on controlling the growth of powerful money in the society,” Hemmati said.

He said the figures were based on initial reports by the Economic Statistics Department of the CBI.

The Iranian Parliament’s Research Center said in a report published on Wednesday that the CBI had injected around $3.3 billion from its reserves to fund the government scheme for imports.



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