TEHRAN — CBI's Public Relations Department has published the new issue of "Economic Trends", No. 123, related to the Fourth Quarter (Winter) 1404 of Iranian Calendar, covering the period from December 22, 2025 till March 20, 2026.

Open market operations (OMOs) and standing facilities aimed at liquidity and guiding interbank interest rate
During Q4 of 1404 (December 22, 2025 – March 20, 2026), the CBI continued to employ OMOs and standing facilities as its main monetary policy instruments, conducting scheduled weekly OMO auctions to manage liquidity and guide the interbank interest rate toward CBI's target policy rate.

Following the outbreak of the Ramadan war — the 40-day joint military aggression by the United States and Israel beginning on Esfand 9, 1404 — the CBI accepted all bids submitted by participating banks in the final OMO auction of the year. The decision was aimed at supporting government financing, meeting banks’ needs for liquidity, and preserving the stability of payment systems during the war.

As a result, the volume of open market operations rose from 1,850 trillion rials before the war to 5,890 trillion rials by the end of Esfand 1404.

Financial support measures for households and production units during recent wars
Adverse developments throughout 1404, including the 12-day war (the Israeli military aggression beginning on Khordad 23, 1404) and the government’s three-month postponement of tax collection, reduced government revenues while increasing public expenditure.

Meanwhile, the CBI introduced financial support measures for households and production units affected by the war. These included extending loan repayment periods, temporarily suspending the consequences of bounced checks, and waiving late-payment penalties on bank facilities for a specified period. However, such measures had inflationary effects.

Accordingly, in line with its mandate to manage liquidity, the CBI set its liquidity growth target for 1405 at 35±2 percent, following the 43^rd meeting of its Executive Board.

The CBI scaled up the provision of facilities, including marriage, childbearing and businesses 
Banks extended a total of 105,783.1 trillion rials in facilities during 1404, an increase of 27,214.6 trillion rials, or 34.6 percent, compared with the previous year. Of this total, 74.9 percent was directed to businesses — including legal entities and individual business owners — while 25.1 percent went to final consumers (households).

The CBI also disbursed 2,089 trillion rials in Qarz-ul-Hasaneh (interest-free) marriage facilities and 489 trillion rials in Qarz-ul-Hasaneh childbearing loans over the full year. In the fourth quarter alone, the bank disbursed 423 trillion rials in Qarz-ul-Hasaneh marriage facilities and 123 trillion rials in Qarz-ul-Hasaneh childbearing facilities.

The CBI expanded its production chain financing instruments 
To expand production chain financing instruments, channel liquidity toward productive activities, and facilitate access to finance for enterprises, financing through new production chain instruments exceeded 1,430 trillion rials in 1404:
• 529.6 trillion rials through the issuance of GAM papers (Generative Credit Certificates, which provide short-term, interest-free financing for producers, businesses, and legal entities purchasing goods and services)
• 857.8 trillion rials through electronic bills of exchange
• 31.2 trillion rials through a welfare card program linked to GAM papers
• 11.7 trillion rials through factoring arrangements

Background
The figures were published in the CBI’s Economic Trends bulletin, No. 123, covering the fourth quarter (winter) of the Iranian calendar year 1404 (December 22, 2025 – March 20, 2026). The bulletin, prepared by the CBI’s Economic Analysis and Research Department, contains data on key economic indicators across the real, external, and financial sectors, along with analysis of major monetary and credit policies during the reference period.

The full report is accessible via the CBI Economic Trends portal.