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Official: Interest rates too high for Iran exporters

Iran Materials 27 February 2012 16:31 (UTC +04:00)

Azerbaijan, Baku, Feb. 27/ Trend M. Moezzi/

Iranian exporters should not be charged 20 percent interest rate for banking facilities, the Iranian Students' News Agency (ISNA) quoted a deputy at the Trade Promotion Organization of Iran (TPO) as saying.

While exporters' share of available banking facilities should have reached 10 percent this year, it is only a little more than 3 percent, Kiumars Fathollah Kermanshahi, a deputy director at the TPO, said.

Only two banks offer manufacturers facilities with 11-percent interest rates and the commercial sector facilities with 14 and 17-percent interest rates. Other banks offer 20 percent interest or more on the facilities available for exporters.

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