Term Deposits on Growth Path

Financial Tribune - The total volume of term deposits in the Iranian banking system reached 9,605.5 trillion rials ($251.78 billion) by the end of the third quarter of the Iranian fiscal year (December 20), marking an annual  growth of 27.1%.

The Central Bank of Iran on Thursday published data related to the banking sector for the ninth month of the fiscal year, which revealed that banks attracted 1,418.2 trillion rials ($37.17 billion) in term deposits during the period to register a 17.3% growth.

Lenders attracted 192.4 trillion rials ($5.043 billion) during the ninth month.

Short-term deposits amounted to 4,876.5 trillion rials ($127.82 billion) or 51% of the total term deposits by the end of the third quarter. However, CBI data show growth in long-term deposits was significantly higher than short-term deposits in the past 12 months.

Long-term deposits experienced a 36% growth compared with the month ending December 20, 2015, whereas the volume of short-term deposits grew by 19.4%. The growth was 27.8% for long-term deposits and 8.7% for short-term deposits in the nine months to December 20.