Money market indicators show flight from short term and an increase in longer term deposits.
Offering IRR 20 tr (USD 490 mn)* worth of Wheat Murabaha securities with an annual interest rate of 17% and 6-month payments was finished in less than 2 minutes.
IRR 9 tr (USD 220 mn) worth of Islamic treasury bills (TB611) with a 13-month maturity is listed in Farabourse market.
A CBI’s report published on November 13th indicated that as a result of lowering interest rates, long-term deposits grew by 37% while short-term deposits shrank by 25%. However, total value of deposits increased by 1%.Download the full report (PDF)