TEHRAN, Iran, June 29
Trend:
The interest rate of Iranian banking system has been reduced to 10 percent, said the deputy minister of economic affairs and finance.
"The reduced interest rate will create a possibility for the government to sell its bonds based on 15-percent instead of 22-percent interest rate," Abbas Memarnejad said, Trend report citing ILNA.
"Reducing interest rate in the interbank market will lead to reduction of savings interest rate. Previously, the bank's interest rate was around 28 percent, but recently it fell to 8.5 percent," he said. "Currently, the Central Bank of Iran announced 10-percent interest rate, and reduction of bank's interest rate was effective in monetary market."
"It is expected that interest rate for bank loans will also decline, if the current approach is consistent and stable," the deputy minister said.
"However, there is evidence that despite decrease of the bank's interest rate, the volume of savings have not changed," he added.