Baku, Azerbaijan, June 29
By Khalid Kazimov – Trend:
Iran’s Money and Credit Council (MCC) has cut banking interest rates on loans made to borrowers, which will decrease from the current 22 percent to 18 percent as of July 6, IRNA news agency reported.
The Money and Credit Council has also approved an earlier decision by the country’s bankers to lower the deposit interest rates from 18 percent to 15 percent.
The decision on lowering the interest rates follows a shrinking economic inflation in the country.
When President Hassan Rouhani took office in 2013 the inflation rate was somewhere above 40 percent. The Central Bank of Iran has recently announced that the inflation rate dropped to 9.7 percent in the 12-month period leading to the Iranian calendar month of Khordad (June 20).
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