Banks in Iran Allowed to Raise Interest Rates

The Money and Credit Council has allowed lenders to raise interest on term deposits, a move seemingly to curb the scale and scope of money flooding into some financial markets and to avoid further depreciation of national currency. 
Iran’s top monetary decision-making body decided late on Tuesday to raise interest on one-year maturity deposits by 1 percentage point to 16%.
Likewise, interest on two-year deposits was set at 18%. On short-term deposits with 3-month maturity, the rate increased by 2 percentage points to 12%, the Central Bank of Iran website reported. 
MCC approved 14% interest rate for six-month deposits, up 3 percentage points.