IBENA- Dr. Hemmati, Governor of the Central Bank, wrote in an Instagram post on his personal page: Preliminary results of statistical calculations of the Central Bank show that growth of large industrial workshops was about 7.10 percent in third quarter and the growth was about 8 percent in nine months. This report indicates Continuity of economic growth in the real sector.
At the end of February, 12-month growth of money was 56.9% and the 12-month growth of near money was 35.3%. The 12-month growth of money in October was 88.6 percent and in January was 63.8 percent. The 12-month growth of near money was 28.1% in October and 34.3% in January. The trend of these two monetary variables indicates a decrease in fluidity of money due to lower inflation expectations.
Considering the decrease in inflation expectations (one of the signs of which is decrease in foreign exchange remittance rates of major exporters to the channel of 22000 Tomans per dollar at the end of last week in Nima system) and the lack of need to increase interest rates, Central Bank plan is based on Placing interest rates around the average interest rate.
At the end of last week, with the measures taken by central bank in interbank management, in particular, use of repo operations, the average interest rate fell to 7.19 percent. To avoid raising interest rates, central bank seeks to implement and monitor growth of banks' balance sheets.