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The Central Bank explains the relationship between the decision to raise the interest rate and the decline in the inflation rate


Damascus, SANA- Director of the Economic Research, General Statistics and Planning Directorate at the Central Bank of Syria, Manhal J


Manhal Janim, Director of the Directorate of Economic Research, General Statistics and Planning at the Central Bank of Syria, confirmed that the monetary measures taken by the bank in 2022, especially Decision No. 68 of the Monetary and Credit Council, which includes raising interest rates from 7 percent to 11 percent on one-month deposits, contributed positively to Liquidity structure on both sides of the consolidated balance sheet of public and private banks.

Janim said, according to what was published by the Central Bank on his channel on Telegram: that inflation has decreased in its annual general rate from the level of 118.8 percent, according to the data of the Central Bureau of Statistics for the year 2021, to the level of 51 percent, according to the World Bank’s forecasts for the year 2022, noting that this rate reached according to the data of the Bank of Syria. Central 59.5 percent for the year 2022.

And Janim indicated that the total deposits with private banks increased since the issuance of the aforementioned decision until November 2022 by 841 billion Syrian pounds, with a growth rate of 17 percent from the level of 5039 billion Syrian pounds to 5880 billion pounds, and term deposits grew during this period at a rate of 14 percent, and the weight reached The percentage of time deposits out of total deposits is 24 percent.

Janim pointed to the growth of credit facilities for private banks during the aforementioned period by 368 billion Syrian pounds, with a growth rate of 24 percent from the level of 1521 billion Syrian pounds to 1888 billion Syrian pounds, while medium facilities grew at a rate of 65 percent and long ones at a rate of 13 percent in the same period, and the relative weight reached Medium facilities account for 30 percent of the total credit facilities, and long-term facilities account for 10 percent, which contributes to supporting the productive process and is considered an engine for economic growth.

It is noteworthy that last year the Monetary and Credit Council issued Decision No. (68 / mn), according to which the annual interest rate on one-month deposits was set at 11 percent, and considered as a minimum for the rest of the terms, with the aim of attracting savings and directing facilities towards productive activities that support development.

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Source: sena

All business articles on 2023-01-29

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