Economy, Business And Markets

Assurance on Interest Rate Cuts

Assurance on Interest Rate CutsAssurance on Interest Rate Cuts

The Iranian administration is determined to reduce the interest rate in the fiscal year ending March 2016, a senior official announced on Monday. “In light of the new decisions, the interest rate will definitely decrease in the new year,” First Vice President Es’haq Jahangiri said during a tour of agro projects in Firouzkouh and Damavand, in west Tehran. Deposit rates range between 10 to 22 percent and loan rates reach up to 28 percent. “Interest rates of over 20 percent is no more acceptable as the administration has already managed to reduce inflation to about 16 percent,” Jahangiri said as reported by news website Banker, insisting that banks should take necessary action in the coming months to cut interest rates.