Minster Denies Report on Raising Interest Rates

Taking stock of the negative impact of higher interest rates on the capital market and the economy, the minister of economy in Tehran denied recent reports about the possibility of such a move.
"The governor of the Central Bank of Iran did announce earlier that there is no plan to raise returns on bank deposits…However, there have been talks about a rise in interbank rates, which will be addressed [by the CBI]," Farhad Dejpasand was quoted as saying. 
Local media, including Fars News Agency, recently reported that three banks were offering up to 20% interest on deposits. This is while lenders, as per rules of the Money and Credit Council, are allowed to offer 18% interest on term deposits.