Tehran, Iran, June 14
By Mehdi Sepahvand - Trend:
Iranian banks have reached an agreement to lower deposit interest rates to 15 percent starting June 21.
However, the Money and Credit Council is not going to pass any regulation in this regard, ISNA news agency reported June 14.
The banks haven't yet decided to lower interest rates for facilities. They say they will do so later when the deposit interests have been settled and started to run smoothly.
Recently some Iranian banks unilaterally lowered their deposit interest rates to 16 percent, paving the way for today's agreement.
Back in February, Iranian banks decreased deposit interests from 20 to 18 percent, also lowering facilities interests from 24 to 22 percent.
The lowering of interest rates follows a shrinking economic inflation in the country. In 2013, inflation was somewhere above 40 percent. Now it hovers around 10 percent.