Rouhani’s government breaks record of borrowing from central bank / increases debt 12 times in 8 years
According to the economic correspondent of Fars News Agency, according to the Central Bank statistics of monetary variables at the end of August this year, the volume of liquidity at the end of this month has reached 3,921,430 billion tomans, which is 39.1% compared to August last year and in five months It has grown by 12.8% since the beginning of this year.
At the end of this month, the monetary base volume was calculated at 515,940 billion tomans, which has increased by 42.1% compared to the same month of the previous year and by 12.4% in the first five months of this year.
In monetary base components, the highest growth was related to the net claims of the central bank on the public sector, so that in the first five months of this year alone, the debt of the public sector to the central bank increased by 256.3%, this figure was 207.14% in the 12 months to August. .
Other monetary base components, such as the central bank’s net foreign assets and the central bank’s claims on banks, increased by 2.4 percent and 6.1 percent, respectively, in the first five months of this year.
It decreased by 17.7% in the first five months of this year and increased by 8.7% in the year ending in August.
The increasing coefficient at the end of August this year was 7.6, which has increased by 3 tenths of a percent compared to March of last year. But compared to August last year, it has decreased by 2.1 percent.
According to Fars, the twelfth government, which some time ago handed over the helm of the executive branch to the thirteenth government, left a significant budget deficit.
The reason for this budget deficit was the sharp increase in government current expenditures on wages and salaries, and in contrast, the government did not take serious and fruitful action to increase its revenues in various ways, including taxing the unproductive sector and taxing the rich. The gap between government revenues and expenditures widened.
According to initial estimates, the budget deficit in 1400 will amount to 400,000 billion tomans, and the Rouhani government, known as the government of prudence and hope, in the first five months of this year borrowed a significant amount from the Central Bank to provide the budget for the first five months of the year. .
This has led to an increase in the price of goods and services in the Iranian economy, which is why the Minister of Economy, the President and the Governor of the Central Bank have stated that one of their most important plans is to control the budget deficit and stop government borrowing from the Central Bank.
Inflation will persist in the Iranian economy as long as the government borrows easily from the central bank and troubled banks overdraw from the central bank.
At the beginning of the Tadbir and Omid government in September 2013, the government’s debt to the Central Bank was about 14,000 billion Tomans, but this figure was due to the government’s financial indiscipline in August 1400, when the Tadbir and Omid government ended its work. The figure reached 165 thousand and 550 billion tomans, in fact, during the eight-year period of the Rouhani government, the government debt (excluding the debts of state-owned companies) has more than doubled. ژ
All the claims and claims of Rouhani’s government to stop financing the Mehr housing project were based on the growth of the monetary base and inflation in this area, but the government’s eight-year performance shows that despite the Mehr housing credit line being stopped, the government has tripled the project’s credit line. The central bank has borrowed.
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