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International Monetary Fund. Middle East and Central Asia Dept.

Domestic currency deposits −5,528 −1,895 −1,107 −775 −542 Foreign currency deposits −1,249 −109 −867 −1,166 −1,166 Monetary policy instruments 1/ −6,902 −10,797 −6,567 −7,880 −4,180 o/w: CBI bills −745 −943 −853 … … Other items net −2,879 −5,331 −4,343 −4,343 −2,043 Reserve money 65,055 73,259 66,231 65,550 61,279 Currency in circulation 35,785 40,630 39,884 42,849 44,877 Bank reserves 29,270 32,629 26,347 22,701 16

International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper analyzes impediments to correspondent banking with the Islamic Republic of Iran. Even though international nuclear sanctions were lifted January 16, 2016, Iranian banks face protracted difficulties in reentering the international financial system through correspondent relationships with global banks. Significant challenges continue to prevent Iranian banks from fully reconnecting with global banks. These challenges relate mostly to remaining sanctions from the United States; the regulatory enforcement environment; and significant deficiencies in Iran’s Anti–Money Laundering and Combating the Financing of Terrorism framework, including Iranian companies’ lack of transparency. Domestic policy reforms can potentially facilitate reconnection to non-US global banks.
International Monetary Fund

Domestic currency deposits -3,577 -5,170 -3,593 -2,156 -3,652 -2,993 -2,693 -2,393 -956 -1,193 Foreign currency deposits -1,382 -546 -3,563 -1,212 -5,038 -5,038 -5,038 -5,038 -1,212 -5,038 Claims on commercial banks 9.4 11.9 6.8 11.3 6.8 6.8 6.8 6.8 11.3 6.8 Monetary policy instruments 2/ -3,731 -8,088 -7,087 -12,930 -3,319 -11,929 -13,739 -16,852 -18,704 -31,707 Of which: CBI bills 0 -1,632 -2,687 … -1,663 … … … … Other

International Monetary Fund

4 4 7 0 4 4 Monetary policy instruments 2/ -7,146 -4,995 -5,092 -5,367 -4,599 -3,988 -4,119 -1,426 -1,424 -2,835 Of which: CBI bills -2,746 -2,224 -1,450 -1,464 -1,312 -1,184 -1,275 -457 … … Other items net 2,104 3,155 1,063 -694 -2,547 -1,040 -2,303 1,283 1,110 -2,840 Reserve money 30,726 47,469 44,056 44,086 43,614 47,510 42,921 46,658 53,932 50,775 Currency issued 15,632 21,304 23,089 23,083 24,162 24,169 25,500 26

International Monetary Fund. Middle East and Central Asia Dept.
This 2018 Article IV Consultation highlights that the real GDP growth of Iran is expected to reach 4.3 percent in 2017/18. In the first half of 2017/18, recovery broadened to the non-oil sector, aided by supportive fiscal and monetary policies and a recovery in construction and services activity. The unemployment rate declined to 11.7 percent in the first half of 2017/18, but remained particularly high for youth and women. Inflation averaged 9.9 percent during the first 11 months of 2017/18 aided by moderation in food prices and stable administered prices. Real GDP growth is expected to ease to 4 percent in 2018/19 and is forecast to average 4.5 percent over the medium-term.
International Monetary Fund. Middle East and Central Asia Dept.

and Exchange Rate Policies The CBI is determined to preserve the significant gains already achieved on the inflation front. Formally establishing low and stable inflation as the central bank’s primary policy objective is one the key elements of the CBI bill before parliament. Inflation pressures in past years have generally stemmed from pass-through of exchange rate depreciation, administered price adjustments, and high rates of liquidity expansion. While these pressures are moderating, they are expected to persist until the ongoing reforms are well entrenched

International Monetary Fund. Middle East and Central Asia Dept.

temporarily rise above 10 percent by end 2017/18, the authorities are confident that prudent policies will help contain overall liquidity growth and bring inflation back to single digits. The overhaul of the monetary policy framework, as envisaged under the draft CBI bill, would help refocus CBI’s legal mandate on low and stable inflation and entrench macroeconomic stability. The bill also strengthens governance of the CBI, and mandates full repayment of all the funds the government receives from CBI by the end of the same fiscal year. My authorities agree on the need to

International Monetary Fund. Middle East and Central Asia Dept.

. 8. The draft Central Bank bill aims to modernize the monetary policy framework and puts price stability as the core objective of monetary policy . It incorporates major improvements relative to the current law with regards to the clarity of the objective function, the supervisory authority and governance of the CBI. The draft Banking and the CBI bills grant the CBI the power to supervise all deposit-taking institutions. Financial stability is included among the core objectives of the CBI. Helping with economic growth and preservation of the value of foreign

International Monetary Fund

… … … 6.0 15.0 19.0 ID 30-days deposits … … … 7.0 16.0 20.0 USD overnight deposits … … 2.0 2.5 2.8 2.8 USD 30 day deposits … … … 3.0 3.3 3.3 USD 90 day deposits … … … 3.3 3.5 3.5 CBI Bills 182-days bills … … … … 15.0 21.0 Commercial banks rates 1/ ID bank deposits (one year fixed) 9.0 9.0 8.0 7.1 7.4 11.8 FX bank deposits (one year fixed) … … 4.0 3.7 4.2 5.2 ID bank loans (1-5 years) 15.0 15.0 13

International Monetary Fund. Middle East and Central Asia Dept.

Domestic currency deposits -1,384 -5,563 -2,515 -6,044 -2,982 -5,529 -5,529 Foreign currency deposits -540 -385 -286 -977 -49 -1,249 -1,249 Claims on nonbank public institutions 0 0 0 0 0 0 0 Claims on commercial banks 4 4 4 4 4 4 4 Monetary policy instruments 2/ -1,467 -2,972 -4,067 -4,051 -3,742 -3,866 -10,184 Of which: CBI bills -396 -496 -888 -889 -1,333 -745 … Other items net -3,033 -3,865 -4,601 -2,855 -4