Central bank to return Iranian banks' money
Azerbaijan, Baku, March 18/ Trend M. Moezzi
The Central Bank of Iran (CBI) has agreed to return most of the funds it withdrew unannounced from Iranian banks, Fars news agency reports.
Last week, it was reported the CBI wanted more than $2 billion from Iran's banks for what it called the foreign currency differential. In response to the banks' protests, the CBI said it was simply taking what it was owed: the differential between the price of currency the banks bought and the price they sold it for.
Following the central bank's action, some of the banks started to see the price of their shares drop on Iran's stock market.
After meeting with the banks' chiefs, the CBI has agreed to return about two-thirds of the nearly $2.5 billion it took. The CBI hasn't given an exact figure for how much money it will return, but participants believe it will be a large share of what the bank withdrew.