Banks Agree to Cut Deposit Rates

Chief executives of banks have reached an agreement to use two rates for returns on deposits, a fixed 15% on deposits made by legal entities and a floating interest rate on accounts of individuals. The Central Bank of Iran, however, insists that there is no plan for a change in deposit rates for now. 
The bankers’ controversial decision, reached during a meeting with the CBI governor, quickly became viral on social media after it was publicized by an unnamed private bank last week. 
However, the CBI’s public relations department denied any plans for implementing such measures saying that the so called “decision” was merely a proposal tabled by the senior bankers.