Iran: Banks Told to Uphold Interest Rate Rules

A week after the economy minister asked banks to abide by the CBI policy on deposit and lending rates, the governor of the Central Bank of Iran communicated the same to CEOs of banks. 
In a meeting with banks, managers late Saturday, Abdolnasser Hemmati said they must uphold rules approved by the Money and Credit Council on interest rates or face penalties. 
"The CBI supervision department needs to intensify monitoring and penalize banks that don’t comply," he was quoted as saying by the CBI public relations website. 
Hemmati also asked banks to create “a balance” between their resources and spending when it comes to lending.