Central Bank of Iran takes steps to protect national currency
BAKU, Azerbaijan, August 13
By Elnur Baghishov – Trend:
The Central Bank of Iran (CBI) has set 14 percent as interest rate on deposit income of banks and financial institutions operating under the Central Bank in order to protect the national currency according to the decision made at a meeting of the CBI's executive board, Trend reports referring to the bank.
Thus, the gross profit of banks and financial institutions will be between 14 precent and 22 percent.
The decision will come into force on August 15, CBI added.
The Central Bank of Iran will use all foreign exchange means to ensure the projected inflation rate, said the report.
“The inflation rate projected by the Central Bank of Iran is 22 percent, and the current inflation rate is higher than this figure,” the bank noted.
On June 2, the Central Bank of Iran raised the interest rate on deposit income of banks and financial institutions from 12 percent to 13 percent.
According to official data of Statistical Center of Iran, during the fourth month of the current Iranian year (June 21-July 21, 2020), inflation in Iran was 26.9 percent.