Financial intermediaries and speculation in the foreign exchange market: the role of monetary policy in Iran’s economy

Sadeghi, Abdorasoul; Marzban, Hussein; Samadi, Ali Hussein; Azarbaiejani, Karim; Rostamzadeh, Parviz

doi:10.1186/s40008-022-00271-x

Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 1 The inflation rate, the interest rate of bank deposits and loans, exchange rates in (1979–2018)

From: Financial intermediaries and speculation in the foreign exchange market: the role of monetary policy in Iran’s economy

Year	INF	IRSD	IRLD	LIR1	LIR2	LIR3	LIR4	OER	MER	GER
1979	10	9	10	14	9–12 ‌	9–12 ‌	5–12 ‌	70	100	30
1980	11.4	7	8.5	8–12 ‌	4–8 ‌	6–10 ‌	4–8 ‌	70	141	71
1981	23.5	7	8.5 ‌	8–12 ‌	4–8 ‌	6–10 ‌	4–8 ‌	71	200	129
1982	22.8	7	8.5 ‌	8–12 ‌	4–8 ‌	6–10 ‌	4–8 ‌	80	270	190
1983	19.2	7	8.5 ‌	8–12 ‌	4–8 ‌	6–10 ‌	4–8 ‌	84	350	266
1984	14.8	7	8.5 ‌	8–12 ‌	4–8 ‌	6–10 ‌	4–8 ‌	87	450	363
1985	10.4	7.2 ‌	9	8–12 ‌	8–12 ‌	6–12 ‌	4–8 ‌	92	580	488
1986	6.9	6	8	8–12 ‌	8–12 ‌	6–12 ‌	4–8 ‌	88	614	526
1987	23.7	6	8.5 ‌	8–12 ‌	8–12 ‌	6–12 ‌	4–8 ‌	77	742	665
1988	27.7	6	8.5 ‌	8–12 ‌	8–12 ‌	6–12 ‌	4–8 ‌	70	991	921
1989	28.9	6	8.5 ‌	8–12 ‌	8–12 ‌	6–12 ‌	4–8 ‌	69	966	897
1990	17.4	6	8.5 ‌	8–12 ‌	8–12 ‌	6–12 ‌	4–8 ‌	72	1207.1	1135.1
1991	9	6.5 ‌	9	17–19 ‌	12–14 ‌	11–13 ‌	6–9 ‌	66.9	1412.3	1345.4
1992	20.7	6.5 ‌	9	Max 18	12–16 ‌	11–13 ‌	6–9 ‌	67.8	1420.2	1352.4
1993	24.4	7.5 ‌	10	Max 18	12–16 ‌	13	9	1458.5	1498	39.5
1994	22.9	8	11.5 ‌	18–24 ‌	12–16 ‌	16–18 ‌	12–16 ‌	1653	1806	153
1995	35.2	8	11.5 ‌	18–24 ‌	15	16–18 ‌	12–16 ‌	1750	2635	885
1996	49.4	8	14	22–25 ‌	15–16 ‌	17–19 ‌	13–16 ‌	1750	4036	2286
1997	23.2	8	14	22–25 ‌	15–16 ‌	17–19 ‌	13–16 ‌	1754	4446	2692
1998	17.3	8	14	22–25 ‌	15–16 ‌	17–19 ‌	13–16 ‌	1755	4782	3027
1999	18.1	8	14	22–25 ‌	15–16 ‌	17–19 ‌	13–16 ‌	1755	6468	4713
2000	20.1	8	14	22–25 ‌	15–16 ‌	17–19 ‌	13–16 ‌	1755	8634	6879
2001	12.6	8	14	22–25 ‌	15–16 ‌	17–19 ‌	13–16 ‌	1755	8131	6376
2002	11.4	7	13	Max 23	15–16 ‌	16–18 ‌	14–15 ‌	1755	7925	6170
2003	15.8	7	13	Max 22	14–15 ‌	15–17 ‌	13–14 ‌	7958	7991	33
2004	15.6	7	13	Max 21	15	16	13.5	8282	8323	41
2005	15.2	7	13	Max 21	15	15	13.5	8719	8747	28
2006	10.4	7	13	Max 16	15	16	16	9023	9042	19
2007	11.9	7	7–16 ‌	14	13	14	14	9195	9226	31
2008	18.4	7	7–16 ‌	12	11	12	12	9285	9357	72
2009	25.4	Max 9	Max 15	12	11	12	12	9574	9667	93
2010	10.8	9	14.5	12	11	12	12	9920	9979	59
2011	12.4	6	14	12,14	11,14	12,14	12,14	10,339	10,601	262
2012	21.5	7–15 ‌	17	14,15	11,15	14,15	14,15	10,962	13,568	2606
2013	30.5	7–15 ‌	17	14,15	11,15	14,15	14,15	12,260	26,059	13,799
2014	34.7	7–20 ‌	17–21.5 ‌	14–15 ‌	11–15 ‌	14–15 ‌	14–15 ‌	21,253	31,839	10,586
2015	15.6	10–22.2 ‌	22–24 ‌	Max 22	14–16 ‌	Max 22	Max 22	26,509	32,801	6292
2016	11.9	10–18 ‌	18–20 ‌	20,21	14–16 ‌	20,21	20,21	29,580	34,501	4921
2017	9	10	15–15.5 ‌	18	8–17.5 ‌	18	15,18	31,389	36,440	5051
2018	9.6	10	15	18	8–17.5 ‌	18	15,18	34,214	40,453	6239

All data are in percent (Except for last three columns) published by Iran’s Central Bank (http://www.cbi.ir). The columns are in order: Inflation Rate (INF), IRSD (Interest Rate of Short-Term Bank Deposit). IRLD (Interest Rate of Long-Term Bank Deposit). LIR 1, 2, 3, and 4 (Bank Loans Interest Rate of service and trade sectors, building and residential houses sectors, industry and mines sectors, and agricultural sector). The exchange rates are in term of Rial (domestic currency of Iran) against US dollar. OER is official exchange rate. MER is unofficial or market exchange rate. GER is difference or Gap between official and unofficial exchanges rates. Necessary to say that the gap between OER and MER was zero in 1974–1979

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