More Savings Going Into Term Deposits

November 2, 2021
banking

T he Central Bank of Iran says savers have become more inclined to put their money in banks for longer periods and term deposits are growing at a faster pace.

While term deposits lagged behind sight deposits in the last year and a half, new data suggest that growth in the former is outpacing the latter.

Term deposits reached 31,398.6 trillion rials ($116 billion) up until August 22, which was 39.7% or 3,546.5 trillion rials ($13b) higher on the same period last year. Sight deposit grew 38% to reach 7,089.1 trillion rials ($26b).

In the same period a year before, savings as term deposits registered an annual rise of 28.4% while sight deposits grew 86.4%. New data indicate that that trend has changed.

financialtribune



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