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Iranian minister says 21 percent bank profit rate is high

Iran Materials 22 May 2012 16:48 (UTC +04:00)

Azerbaijan, Baku, May 22/ Trend F.Milad/

Iranian Finance and Economic Affairs Minister Shamseddin Hosseini has said that paying 21 percent profit to bank deposits is costly, but it is inevitable because it has been approved by the Money and Credit Council.

Many domestic banks have offered up to 98 percent of the assets in the form of financial facilities, of which around 70 percent has been spent in housing, industry and agriculture sector, he added, the Mehr News Agency reported.

In February, the Central Bank increased the maximum profit rate for bank deposits and bonds from 17 to 21 percent.

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