Central Bank Accepts Only 12.4 Percent of Banks' Requests in 20th Open Market Operation

In its 20th open market operation, held on 26 Mordad 1405 (August 17, 2026), Iran's central bank saw banks request a combined 483.12 trillion tomans in funding, but approved only 60 trillion tomans of that, an acceptance rate of about 12.4 percent, according to Donya-e-Eqtesad. In the previous week's operation, the central bank had also approved 60 trillion tomans, but bank demand had been lower, meaning this week's acceptance ratio fell.

Part of banks' unmet funding needs shifted to the overnight market, where the yield to maturity stands at 24 percent, compared with the 23 percent open market rate. Banks drew between 98 and 117 trillion tomans from the overnight market during this period. By comparison, in the year's first open market operation on 17 Farvardin 1405, held under wartime conditions, the central bank had approved all of banks' requests.

Donya-e-Eqtesad said the trend signals the central bank moving toward a tighter monetary policy stance to control liquidity growth and curb inflation.