Azerbaijan, Baku, Aug.25/ Trend F.Karimov/
Iran's new Central bank governor Valiollah Seif has said that bank interest rate should be set proportional to the inflation rate, the Fars News Agency reported.
He added that interest rates should be revised, so that it should be less than the inflation rate. He further said that the free market exchange rate of 32,000 rials for U.S. dollar is not abnormal.
Foreign currency exchange rates should be adjusted each year based on the inflation rate, he said.
Seif has replaced Mahmoud Bahmani at the post of the head of the Central Bank of Iran (CBI), Fars news agency reported.
According to the report, appointment has been verified by the general assembly of CBI.
Iran's president Hassan Rohani, Industry, Mining and Trade Minister Mohammadreza Nematzadeh, Finance and Economic Affairs Minister Ali Tayyebnia, Oil Minister Bijan Namdar Zanganeh and vice President for planning and strategic supervision Mohammad Bagher Nobakht have signed the appointment as CBI's board of directors, the report said.
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