Economy Minister Warns Banks on Interest Rates

In a meeting with CEOs of state-owned banks on Tuesday the Economy Minister Ehsan Khandouzi instructed them not to arbitrarily raise lending rates.
Khandouzi said the rates lenders charge on loans must not exceed the ceilings set by the Money and Credit Council, the top banking and monetary decision-making body in Iran. 
In a talk with the press on the sidelines of the meeting, he  said the banks must refund the extra interest they have taken. “Lenders are obliged to refund the interest charged over and above rates decided by the MCC,” he was quoted as saying by the ministry’s news agency shada.ir.