10429
Bank Sepah Loses Clients After Cutting Interest Rates
Economy, Business And Markets

Bank Sepah Loses Clients After Cutting Interest Rates

Bank Sepah has lost a considerable amount in deposits since it reduced fixed interest rates on deposits to the levels set by the Central Bank of Iran a couple of months ago.
“Customers have withdrawn nearly 16 trillion rials ($582 million at official exchange rate) from their deposits,” Kamel Taghavi-nejad, the CEO of the bank, said during a press conference in Tehran on Monday morning.
Under CBI regulations, commercial banks and credit institutions are allowed to offer a maximum interest rate of 22 percent on one-year deposits. The minimum rate is 10 percent for other types of deposits.
The CBI announcement came after reports that many lenders across the country offer as high as 27 percent of interest rates. Some experts believe several lenders still offer the high rates in an attempt to attract more capital, despite the new regulations.
CBI officials met with CEOs of banks on Dec. 21, 2014, to reiterate the importance of lowering deposit interest rates.
The CBI persists in doing so in line with lowering inflation, which is expected to fall below 20 percent by the year’s end from last fiscal year’s 34.7 percent.

Short URL : http://goo.gl/tgFbAa

You can also read ...

On Sunday, the rial traded at 46,130 to the dollar, up 1.8%. 
With its foreign exchange package now in full swing, the...
Telegram Raises $850m From Investors Before Planned ICO
The chat app company Telegram filed documents with the US...
Iran-Greece Trade Tops $1.5 Billion
Iran exported more than €1.26 billion worth of goods to Greece...
Ban on Contraband Cellphones in Iran Reaches LG
Following the government’s belated policy of curbing cellphone...
Iran Decision on FATF Agenda
The Financial Action Task Force–the global anti-money...
Intel Hit With  32 Lawsuits
Intel has revealed that the company is facing at least 32...
Facebook has to delete all data it has gathered on Belgian citizens.
A Belgian court threatened Facebook (FB.O) on Friday with a...
Iran and Turkey finalized the $1.4 billion currency swap agreement.
Iran has signed memoranda of understanding and protocols...

Trending

Googleplus