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Banks in Iran Allowed to Raise Interest Rates

Banks in Iran Allowed to Raise Interest Rates 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. 

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