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Iran not reducing interest rate to less than 15%

Finance Materials 14 May 2020 17:44 (UTC +04:00)
Iran not reducing interest rate to less than 15%

TEHRAN, Iran, May 14

Trend:

Iran's Deputy Minister of Economy has ruled out rumors of reducing bank interest rate to less than 15 percent

"Iran's Money and Credit Council has not discussed any possibility to reduce bank's interest rate for deposit accounts to less than 15 percent, "said Abbas Memarnejad, Trend reports citing IRNA.

"What has been approved so far by the Money and Credit Council is the decision to reduce interest rate to 15 percent," he said.

The Money and Credit Council has approved to reduce bank's interest rate to 15 percent in 2017 that was finally implemented in current Iranian year (began March 20, 2020). Meanwhile, there have been rumors recently of further cuts to 10 percent.

Iranian banks have agreed in early April to follow the regulation by implementing 15 percent interest rate ceiling for long-term deposits.

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