Banks Told Not to Raise Interest Rates

The Central Bank of Iran has again called on banks to observe regulations governing interest on deposits. 
Lenders must pay 10%-18% on term deposits as per rules approved by Money and Credit Council, the top monetary and banking decision-making body, the CBI news website said. 
“However, it has been seen that some banks and credit institutions pay higher rates on individual deposits,  particularly on money from investment funds,” the CBI noted.