Iran reports 29.1% rise in money supply in year to late March

Figures by the Central Bank of Iran (CBI) show that the country's money supply rose by 29.1% in the calendar year to March 20.

CBI figures published in a Monday report by the semi-official ISNA news agency showed that the entire money supply within the Iranian economy, or what is technically known as M3 money supply, had reached a total of 101,650 trillion rials (over $116.8 billion) at the end of the calendar year 1403.

The increase was 4.8% higher than the year-on-year rise in the Iranian money supply reported in late March 2024, the lender said.

CBI figures showed that Iran’s monetary base, which is the cash in circulation in the country and deposits held by its central bank, had risen by 24.5% year on year in late March to reach a total of 13,594.0 trillion rials (more than $15.6 billion).

The CBI said the expansion last year of Iran’s monetary base was largely due to a major increase in the bank’s net foreign assets, which it said was partly a result of a rise in official exchange rates.

In previous statements, the CBI had confirmed its assets in foreign banks had increased significantly because of a consistent rise in Iranian oil exports in recent months.

The CBI has tens of billions worth of deposits in foreign banks which it cannot easily transfer via the dollar-based international banking system because of US sanctions on Iran.

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