Baku, Azerbaijan, June 6
By Khalid Kazimov - Trend:
An Iranian official has criticized high rate of banking interest rates in the country.
Former Head of Tehran's Chamber of Commerce Yahya Al-e Eshaq has said people prefer to keep their assets in deposit accounts as banking interest rates are higher than the annual income from investment in the country's industrial production sector, Fars news agency reported.
According to Al-e Eshaq banking interest rates currently stand at about 18 percent while the rate of return from investment in the country's industrial production sector is only eight percent.
Criticizing the country's economic situation Al-e Eshaq said that there are about 6.5 million unemployed individuals in Iran.
He further called on the government for removing obstacles to the economic growth in the country by taking transparent policies regarding tax and insurance issues.
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