EghtesadOnline: The number and value of deals made in the interbank market has increased in the first 10 months of the current fiscal year to Jan. 20, the Central Bank of Iran announced.
Based on the latest report published by the regulator on its website, a total of 31,200 deals with an average daily worth of 193 trillion rials ($4.3 billion) were conducted in the interbank market in the period, indicating a respective increase of 16.5% and 66.5% compared with the same period of last year.
The market was established in July 2008 for strengthening liquidity management, facilitating short-term lending and maintaining monetary discipline among banks.
The central bank data showed 32 banks and credit institutions were active in the interbank market last year and the number declined to 29 by the end of the 10th month of the current year, Financial Tribune reported.
According to CBI, the weighted interest rate of the interbank market stood at 18.1% during the 10th month, while the average interbank rate for the initial 10 months was equal to 18.8%, indicating a slight increase compared with the 18.6% in the corresponding period of last year. The interbank interest rates have been fixed at 18.1% for the past four months, whereas they had started the year at 20%. Last year, the rate registered during the first month was 18.9% that dipped to 17.7% during the second month, but rode its rising trajectory to end the year at 19.2%.