Iran bankers cut short-term deposit rates
Baku, Azerbaijan, June 21
By Farhad Daneshvar – Trend:
Iranian bankers have decided to cut interest rates on short-term deposits, an Iranian banking official said.
Abdolnaser Hemmati, chairman of the coordination council of Iranian banks, said the Iranian banks will pay 10-14 percent in interest rates to account holders on short-term deposits, Mehr news agency reported.
The new interest rates will go into effect as of June 21, he added.
Meanwhile, Iranian private and government-owned banks have decided to lower interest rates on one-year deposits to 15 percent from 18 percent, said the official.
Iranian government is making efforts to reduce banking interest rates with an aim to give a boost to the country’s depressed economy.