Banks Are Oblivious to CBI Entreaties on Rates

Despite the Central Bank of Iran warning banks against  interest rates higher than those set by the regulator, banks and credit institutions are oblivious to its entreaties and continue offering rates as high as 23%.
One state-owned bank offers 20% on deposits over 500 million rials (around $1,380) on the condition that the money is not withdrawn before three months. This unnamed bank offers 19% if the money is not withdrawn before one month, the Persian-language news website eghtesadnews.com reported.
The same is true for private banks, with the exception that rates increase along with the amounts deposited. Most private banks offer 20% to 21% on deposits of between 1 billion rials ($2,720) to 2 billion rials ($5,442).