Banks Agree to Uphold Rates

Banks' Coordination Council and the Association of Private Banks and Credit Institutions issued a joint statement on Thursday stating that they will abide by the Central Bank of Iran's rules on interest rates. 
Bank CEOs met with senior CBI officials Thursday and pledged that “no bank would offer higher rates from Saturday”, the CBI website reported. 
The belated agreement comes after the CBI warned lenders  to play by the rules on interest rates or face prosecution.  In a notice seen on the CBI website, the regulator said Wednesday that despite earlier warnings its investigations found that some banks resort to dubious ways to attract big money by offering higher rates on deposits and outdo other lenders.