Tiering the Iranian Rial interbank market Using the Network Analysis Approach
Changing the direction of monetary policy from targeting the monetary aggregates to targeting reference rates, the interbank market interest rate is considered as one of the most significant operational objectives of the Central Banks. Identifying the interbank market is important as it enables the monetary policymakers to achieve more in following their goals with limited intervention. Due to the completion of the initial stages of the formation of interbank market and the establishment of Open Market Operations (OMOs) mechanism as well as the provision of standing facilities in the Iranian money market, the analysis of interbank market network with the aim of identifying the core of this market increases the effectiveness of the implemented policies. According to this, the formation mechanism of the interbank market was examined using graph theory and network analysis techniques as well as the transactions performed during the twelve-month period from March 21, 2018 to March 20, 2019. The findings show that it is challenging for the market to identify a core with fixed members owing to direct communication between the members and the frequent changes of the core members; nonetheless, it was possible to identify the members that played the biggest role. This, along with other factors such as health and financial stability index, can be used by the CBI as a useful criterion for identifying primary dealers in monetary operations.
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