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Savers Are Less Inclined to Park Money in Banks
Data released by the Central Bank of Iran show term deposits increased at a much slower pace than sight deposits, another sign that savers are less inclined to park their money for longer periods in banks.
Total sight deposits reached 10,935 trillion rials ($36.4 billion) by the end of the fourth calendar month to July 22. This was 61.4% higher on the same period last year. Sight deposits increased by 21.5% compared to the end of last fiscal year in March.
Term deposits lagged rising 32.5% to reach 40,681.4 trillion rials ($135.6b) by July 22. The rise was a fifth of sight deposits in the four months.
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