Foreign assets of Iranian banks reached 20,733.3 trillion rials ($74 billion) by end of last November.
This is up 37.7% compared to the similar period last year and was 32.5% higher in eight months from the beginning of the fiscal year that ends in March.
Overseas assets of the Central Bank of Iran were 6,872 trillion rials ($24.5b) during this period, indicating 21.4% growth on annualized basis and 6.5% higher in the first eight months of the present fiscal year, according to data seen on the CBI website.
Commercial banks held $7b overseas 49.2% higher year-on year and 46.6% hike over eight months.
Specialized banks owned 3,421.1 trillion rials ($12.2b) in foreign assets, showing 41% rise Y/Y and 51.7% growth in eight months.
Foreign assets held by private banks and credit institutions were near 8,459.5 trillion rials ($30b), indicating 49.9% growth annually and 51.4% rise in eight months.
Increase in the banks’ foreign assets is seen as the main driver of expansion of money supply in recent months. Assets owned by the CBI and all other banks are blocked since 2018 due to the US economic sanctions.
Broad money supply grew 24.2% in eight months and climbed 42% in 12 months reaching 43,159 trillion rials ($154b).
The monetary base grew 35.8% in 12 months reaching 5,403 trillion rials ($19.3b). It was up 17.8% in eight months since the beginning of the current fiscal year.
The CBI said the surge in the CBI’s foreign assets alone accounts for 32 percentage points growth in the monetary base.