Interest Rates, Bourse and a Caveat

The Economy Minister Farahad Dejpasand in a letter to banks and credit institutions asked them to comply with interest rates announced by the Money and Credit Council, the top banking and monetary policymaker.
Dejpasand warned lenders that they would be taxed proportional to interest on deposits paid to customers over and above those announced by the MCC, according to the letter published by local media on Sunday. 
Last July the MCC slightly increased 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 was increased by 2 percentage points to 12%.  The main banking body approved 14% interest rate for six-month deposits, up 3 percentage points.