Iran's CB Again Raises Lower Bound of IRC

The Central Bank of Iran again raised the lower bound of interest rate corridor (IRC) in the interbank market to further narrow the interbank interest rate spread. 
In a press release seen on its website, the CBI said it would raise interbank deposits by 1 percentage point to 14% starting today (Saturday). 
The interbank deposit rate was initially set at 10% in May but the CBI increased it in three phases going up to 14% in line with monetary policy to control inflation through open market operations and the IRC. The upper bound of the IRC is now set at 22%.